Cresset Group Acquires 89,305 SF at Waltham Office Park

"They believe in the Waltham market," Elizabeth Carrillo Thomas, with CB Richard Ellis/Whittier Partners, tells GlobeSt.com, adding that the city has become the market of choice for suburban Boston investors. Thomas, along with Philip Giunta, also with CB Richard Ellis/Whittier Partners, represented the seller and procured the buyer in both transactions.

Set on five landscaped acres, the office park, developed in the 1980s, is within the Route 128 technology corridor with nearby highway access. Cresset purchased its first building there--an 89,497-sf four-story office property located at 265 Winter St.--from LaSalle Investment Management in 2003. At the time, Thomas says, the Chicago-based seller also offered up the building's twin, an 89,305 sf, four-story office complex at 245 Winter St., drawing bids from about 10 investors. LaSalle never closed on the deal for the second property, however, so when the seller opted to put the property back on the market recently, Thomas says the firm went back to the original bidders to see if they had any interest in acquiring the asset. Several did but it was Cresset's $6.7 million offer that bought the title.

"The seller had a certain comfort level with Cresset's familiarity with the building and the market," Thomas says. "It made sense for them to own both buildings. There was synergy from a management and leasing perspective which is why they ended up prevailing in the competition."

Thomas says the Waltham market is of strong interest to suburban investors who find its location along the state's technology corridor and its access to a large employee base to be important factors in a property's success. "Investors are always looking for opportunities in key markets like Waltham," Thomas says. "We've seen an increase not only in investors' interest but also in leasing activity in the area in recent months. It's a real win-win for both the seller and the buyer."