CONCORD, MA-Normandy Real Estate Partners has lined up $49 million in first mortgage financing for the Concord Meadows Corporate Center, a 424,815-square-foot office complex at 300 Baker Ave. here. An HFF team led by led by senior managing director Riaz Cassum, director Porter Terry and real estate analyst Samantha Bendetson.worked on Normandy's behalf to secure the floating-rate loan through Natixis Real Estate Capital LLC.
Situated on a 70-acre site, Concord Meadows is about 20 miles northwest of downtown Boston. The property underwent a complete renovation in 1998 ; Normandy acquired it in 2006 and has made significant capital improvements since then.
The tenant roster is anchored by Emerson Hospital with 80,785 square feet, Welch's with 79,695 square feet and Kayak with 29,381 square feet. A combination of recently negotiated expansions and extensions by Emerson and Oxford Instruments, along with leases signed by several other smaller tenants, have substantially filled the 214,000-square-foot space vacated by Dassault Systemes/SolidWorks in 2012. The property is currently 78% leased and the loan provides the additional funds required to lease up the balance of the building.
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