Richard Bradbury, with Richards Barry Joyce & Partners, tells GlobeSt.com that nine offers came in on the four-story property, signifying a tightening in the Newton market. "The building drew a lot of interest because of its location in the market and the fact that it's a niche-type building that always seems to keep a high occupancy." The property is 98% leased to a number of legal, medical and financial service firms including Washington Mutual.
In the second transaction, Pasadena, CA-based Alexandria Real Estate Equities added a 54,000-sf building to its portfolio of Bay State holdings when it picked up 8 Preston Court for $8.14 million from Pinnacle Properties. "When the biotech guys compete, they pretty much outpace all others," Bradbury says of the tough competition for the fully occupied, single-level, office and lab building. Alexandria owns several small lab buildings in the area.
The brokerage firm represented the sellers with Bradbury and Richard Herlihy handling the Newton sale. They were joined by Steven Purpura, also with Richards Barry Joyce & Partners on the Bedford deal. Both sellers were self-represented.
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