128-Acre Marlborough Campus Goes on the Market

"It's a way for us to take some of our investment without selling the property" Brogan says. "When we acquired the property it was 37% leased and it had a much higher risk profile. Since we leased up the property, the investment profile fits an institutional investor who would like an investment with lower risk and the cash flow it offers."

The hilltop complex, which contains about 532,000 sf and room for an additional 820,000 sf development, was sold by 3Com in 2002 for $58 million after the computer networking firm downsized. It is fully leased to 3Com, Wellington Management Co. LLC, Cytyc Corp. and Exact Science Corp. Situated about five miles from the Massachusetts Turnpike, the property contains office and laboratory space along with a cafeteria, fitness center, a 300-person auditorium or dinner hall and computer labs. It also features walking paths, patios and basketball and volleyball courts.

Last year when 3Com inked a 200,996-sf deal at the campus, Brogan detailed expansion plans for the property. He said they were finalizing approvals to construct an additional 600,000 sf of office space on another campus parcel that will bring the property's total square footage up to more than 1.1 million sf of class A office space. Brogan said BPG is currently in the process of designing the first of five buildings it plans to construct on the site.