"Its one of the better assets on [Route] 495," Shannon Hill, KBS senior vice president, tells GlobeSt.com." That's one of the reasons we pursued it." Located at the juncture of Interstate 495 and Route 9, the property, which was originally developed by Hines Industrial for GTE, was named "Building of the Year" by the Industrial Development Research Council soon after it was completed in 1981.
"It's a core asset in a strong submarket, well leased with a great cash flow and good tenancy," Marci Griffith Loeber, with Cushman & Wakefield's Capital Markets Group, tells GlobeSt.com about the property's appeal. Griffith Loeber, who handled the negotiations for both parties along colleagues Robert E. Griffin and Edward C. Maher Jr., says other investors made offers on the property but it was KBS Realty's reputation in the market that gave them the edge. "They're a strong buyer with a great track record." The building is the eighth Bay State acquisition for KBS, which also owns seven office properties in Nagog Park in Acton.
The site is now approximately 88% leased by 11 tenants. On the tenant roster are EMC Corp., which occupies 78,050 sf, Informa USA Inc., which leases 33,004 sf, and Staples, which has its offices in 31,609 sf.
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