Albert Corr, vice president of Berwind, tells GlobeSt.com that closing on the 295,575-sf, three-building office complex, which once served as the headquarters for Lycos Inc., is set for next week. The seller is Crow Holdings Inc., the privately held Dallas-based firm that specializes in making real estate investments on behalf of Trammell Crow Co. and its partners.
Corr says the 90%-leased property, located at 460, 400-1 and 400-2 Totten Pond Rd., was a highly sought after asset that brought a number of investment buyers to the table. A shorter due-diligence process along with a top offer on the property helped seal the deal, he notes.
The complex, which has leases that expire over the next four to five years, will undergo some renovations to common areas under the new ownership.
Corr says Berwind, which has other office holdings in seven other Massachusetts communities, has been trying to crack the Route 128 submarket for about 10 years, but despite a number of offers, has never been able to take title until now.
The property was marketed for the seller by Jim McCaffrey of Trammell Crow Co. Berwind was self represented in the transaction.
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