JV Puts Waltham Corporate Center on the Block

The property is owned by the Beal Cos, of Boston, and Greenwich, CT-based Rockwood Capital. The three-building office campus, located on Second Avenue off Route 128, is being marketed by Jones Lang LaSalle's Boston office. Officials with the brokerage firm, citing confidentiality, declined to discuss the potential sale but others familiar with the offering say the fully-leased property is already drawing strong interest.

"It's being heavily sought after," one broker, who did not want to be identified, tells GlobeSt.com.

Jack Kerrigan, with Grubb & Ellis' Boston office, tells GlobeSt.com that the class A property is likely to bring out a number of buyers including institutional investors, pension funds and REITS. The stable asset wil long-term quality tenants is a major drawing factor.

"It's got a great profile," says Kerrigan, predicting that the property will generate "a ton of interest" because of its location, age, lease lengths, full occupancy and credit tenants. "You would check a lot of boxes for the positive," he says.

Brendan Carroll, an analyst with Richards Barry Joyce and Partners, tells GlobeSt.com the two similar Waltham office properties which recently traded, Prospect Place and the Stonybrook Office Park, sold for $213 per sf and $200 per sf respectively.".

Michael Ripp, with CBRE's Boston office, was more optimistic saying the office campus could command more than $300 per sf, making it one of the highest priced properties in the Waltham submarket.

Developed in phases in the late 1990s, the property includes 10 Second Ave., a 10,000-sf building; 40 Second Ave., a 77,000-sf medical office building known as the Par Center; and 52 Second Ave., comprised of about 200,000 sf , which is home to Keyspan Energy Delivery's corporate offices.

Neither Rockwood nor Beal could be reached for comment on the pending sale.