WALTHAM, MA-Rockwood Capital said Tuesday it had completed the acquisition of the two-building Waltham Place office/lab complex here from John Hancock Financial Services. Terms were not disclosed; published reports have put the selling price at $34.5 million.
Rockwood has significant capital improvements in mind for the property, which was developed in two phases between 1998 and 2000. The company has hired Boston-based Griffith Properties as the local operator and has assigned CBRE/New England as exclusive leasing agent. CBRE/NE's efforts will be spearheaded by EVP/partner Andy Majewski and VP Rob Kinlin.
Waltham Place totals 200,000 square feet in two buildings located at 266 and 275 Second Ave. in this suburb 12 miles west of Boston. They're strategically positioned along the Route 128 corridor.
“This property sits right in our sweet spot,” says Joe Gorin, managing director and head of office properties at Rockwood, in a release. “We like its premier location in suburban Boston, one of our core markets. We're excited by the strength of the existing tenants and we see the potential for significant long-term value creation, in terms of leasing and rebranding, that renovation and proactive management of the property will bring.”
The property is about 75% leased. Current lessees include Symantec, an original leaseholder, as well as AstraZeneca, Bit9, Inc. and IMS Health.
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