Elizabeth Carrillo Thomas, senior vice president of CB Richard Ellis/Melody Capital Markets, tells GlobeSt.com that other bidders included pension fund advisors, reinvestment trusts, high net-worth individuals and private equity players. She represented the seller and procured the buyer.
Interest in the property was due in large part to a 15-year lease with VHB, an engineering firm that originally owned the property. The building's location near the Watertown Arsenal, now owned by Harvard, and two major retail outlets, the Arsenal Mall and the Watertown Mall was also a factor, Thomas says.
"What made this property even more attractive was that investors recognized that the Arsenal Street Corridor has undergone a dramatic transformation during the past few years and is viewed as a location with solid long term potential," says Thomas. Paradigm, which recently sold its 31 Milk Street headquarters in Boston to Everest Partners, also owns five other properties in the Bay State.
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