Situated on a corner lot across the street from the Ballston Common Shopping Mall in the city's Clarendon submarket, the Quincy Crossing office structure is part of a greater Quincy Crossing mixed-use project that includes a 123-unit apartment tower. In addition to the class-A office space, the seven-story property features ground-level retail space for a restaurant establishment, and a three-level underground parking garage capable of accommodating 200 vehicles. The first turnover in the office leases is not expected until 2012. "The purchase price of the property was $34.5 million and was funded using a combination of 1031 tax-deferred exchange proceeds from sale properties and a $22 million 10-year fixed rate loan from a life insurance company," Glenborough officials note of the deal in the company's third quarter earnings report.
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