BURLINGTON, MA-Equity Office and the Blackstone Group have sold New England Executive Park here to a joint venture of Charles River Realty Investors and National Development for $216 million, Cushman & Wakefield said Tuesday. Now 86% leased, the 10-building, master-planned office park 12 miles northwest of Downtown Boston can accommodate an additional 750,000 square feet of ground-up development along with its existing one million square feet.
Real Estate Alert reported in May that the JV, which had won a bidding war that also involved Clarion Partners and Walton Street Capital among others, plans to boost their yield by adding retail and a hotel, repositioning the complex as pedestrian-friendly. “Charles River Realty Investors and National Development expressed significant interest in the portfolio due to the property's redevelopment potential, unmatched location and quality of buildings and tenancy,” says Mark Smith, market managing director with Equity Office, in a release. “This sale is certainly mutually beneficial on both ends.”
NEEP consists of 1, 3, 6, 7, 8, 12, 15, 16, 17 and 24 New England Executive Park. It's currently permitted for office, commercial, retail, hotel and structured parking.
“New England Executive Parkisone of the best 'super parks' in New England,” says C&W's Robert Griffin in the release. “This was a great opportunity for Charles River Realty Investments and National Development to purchase an asset with strong, diverse tenancy in a thriving and transforming area.” A C&W capital markets team including Griffin, Edward C. Maher Jr. and Matthew E. Pullen, along with leasing specialist Mark Roth, exclusively represented the buyer and seller.
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