New Boston Fund Acquires 285,000-SF Facility

Jim Kelleher, senior vice president and director of acquisitions for New Boston Fund, a locally based real estate development and investment firm, says that the purchase is in keeping with the company's investment strategy. "Our acquisition price was significantly below the building's replacement cost. With the signing of Mykrolis, the property provides day-one profitability with strong upside potential."

The facility was acquired from Nortel Networks, which purchased it from Nordic Properties two years ago for $33.5 million and developed it into a high tech office park. The two buildings that make up the park are located directly off Route 3 with easy access Route 495 and Route 128. The park features manufacturing and office space and is currently leased by Mykrolis Corp., the park's first tenant, which occupies 175,000 sf.

The firm says that the acquisition, the most recent in a series of purchases by New Boston, is a "signal [of] continued growth" for the nine-year-old company. Since the beginning of 2001, New Boston has purchased 1.5 million sf of real estate valued at more than $200 million. The company is also in the process of developing over two million sf of office, retail, warehouse/distribution, and multifamily space.

Last year, New Boston Fund acquired Five Burlington Woods, a 103,000-sf office building in Burlington, MA. During the last two years, New Boston has expanded its investment activity by pursuing the development of public/private partnerships in Boston's neighborhoods, office development in the Rosslyn/Ballston Corridor of Washington, D.C., the development of warehouse and distribution space in Southeastern Massachusetts, and condominium development on Cape Cod and in the Boston metropolitan area.