WALTHAM, MA-Equus Capital Partners Ltd. said Thursday it had sold Totten Pond Office Park, a three-building office complex here, for $47 million. The buyer was not identified; published reports say it was Boston-based TA Associates Realty, which recently acquired a 12-building industrial portfolio near JFK International Airport in New York City from Prologis. A spokeswoman from Equus could not confirm the reports.
The 297,603-square-foot office park is located immediately off of Route 128, not far from the Mass Pike interchange. It consists of 400 and 410 Totten Pond Rd., two four-story office buildings that total 155,000 square feet; and 460 Totten Pond Rd., a seven-story, 142,944 square foot office property.
Major tenants include Lewtan Technologies Inc. and Mass Electric Construction, while the park is also the headquarters location for child development organization Milestones, which in 2010 more than doubled its existing space in a lease renewal. At the time of the sale, the complex was 83% leased.
An affiliate of Equus acquired the park in August 2006, near the peak of pricing in the previous CRE cycle, on behalf of BPG Investment Partnership VII, LP, a $550-million private equity fund, in a $45.1-million purchase from CH Realty II. The park features recently renovated building lobbies, full service cafes and a tenant-only fitness center.
Rob Griffin, Edward Maher and Matt Pullen of Cushman & Wakefield of New England represented Equus in the transaction. Brokers for the buyer were not identified in a release announcing the sale.
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