Robert E. Griffin Jr. with Cushman & Wakefield's Capital Markets Group tells GlobeSt.com that at least eight other bidders vied for joint-venture status but it was JP Morgan's prior relationship with Brickstone that gave the firm the edge. "I think they felt there was some synergy there and some pre-existing relationships they felt comfortable with. They really felt like it was a win-win for both parties."
The partnership agreement, which allows Brickstone to maintain control over the property, bought JP Morgan an interest in the fully leased class A office park whose tenants include Straumann Holding AG, Smith & Nephew plc, Polycom Inc., NaviSite, WSI Corp., TransMedics Inc., Applied Micro Circuits, Avaya and Amicore.
Although Griffin declined to reveal the price of JP Morgan's partnership interest, sources familiar with the transaction tell GlobeSt.com the New York firm paid well over $200 million to buy into the venture. "The owner got extraordinary pricing and the joint venture got itself into a good partnership with a very well known real estate entity," Griffin notes.
Among the area's higher priced sales was TIAA-CREF's spring's acquisition of 99 High St. in Boston's Financial District for $270 million. Wells Real Estate Fund paid $92.5 million for the Nashoba Corporate Center in Westford and Equity Office Properties Trust paid $54 million for 25 Mall Rd. in Burlington. The Minuteman Park transaction was handled by Griffin and Edward C. Maher Jr. and Marci Griffith Loeber, all with Cushman & Wakefield's Capital Markets team, which represented Brickstone and procured the joint venture partner.
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