The building sold for $900,000. The property is home to a number of legal, high-tech, and financial companies as well as Cafe Azteca.
Jeffrey Brooks, a partner at the Abrams Group, notes that the property fits with the company's strategy of acquiring what he terms "undervalued real estate" in markets with significant upside potential. "We can add value through aggressive asset management and repositioning," he says, and adds that with affordable space and its close proximity to routes 93 and 495, newer companies in technology, health care, and manufacturing have chosen to locate in Lawrence. Most recently New England Affiliated Technology, the Robert Able Company, and the Gem Group relocated to this area.
Lease rates in the building range from $10 to $12 per sf. The building is currently 96% occupied.
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