The San Francisco investment group paid $163 per sf for the three-story 156,630-sf class A suburban office property, winning title to the asset based its reputation for closing the deal, Edward C. Maher, Jr. with Cushman & Wakefield's Capital Markets Group tells GlobeSt.com. The property was the last in a portfolio that was liquidated by seller, he adds.
"The level of interest was super high given its size and tenancy," he says. "At the end of the day [Spear Street Capital] put together the best package."
The California investment firm gained a reputation as a deal closer after acquiring its first Bay State property in September 2004 when it bought the office property at 300 Baker St. in Concord for $39 million.
John Grassi, president of Spear Street Capital, tells GlobeSt.com that the investment group selected the 15.6-acre property because of its 85% occupancy, upscale image and a design that allows for tenant flexibility.
"In our opinion, its one of the best locations on Route 495," says Grassi, noting that the property's 15% vacancy will also allow for upside on the company's investment. Located on Simarano Drive in Marlborough, the property is adjacent to Route 495 and is almost entirely leased by three NASDAQ-traded companies: Synopsys, Staples and ValueClick.
Maher, along with Robert E. Griffin, Jr., Marci Griffith Loeber and Christopher T. Griffin, all with Cushman & Wakefield's Capital Markets Group, exclusively represented the seller and procured the buyer in the transaction. Leasing for the property will be handled by Cushman & Wakefield's Kevin J. Hanna.
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