TripAdvisor HQ Sold to NYC-Based Investor

NEEDHAM, MA—The newly-constructed build-to-suit building that will be TripAdvisor's corporate headquarters here next month has been sold by its developer Normandy Real Estate Partners of Morristown, NJ to an entity controlled by US Realty Advisors, LLC of New York City.

The deal for the six-story 280,892-square-foot TripAdvisor | Needham building was reported by Cushman & Wakefield, which represented Normandy in the transaction. No financial details of the transaction were released. Normandy announced that TripAdvisor had signed on to be the sole tenant of the building in June 2013.

C&W reports that construction has been recently completed on the headquarters building for the world's largest online travel company. The property, built to LEED Gold standards, will also feature a number of on-site amenities including a café, fitness center, outdoor amphitheater and structured parking.

A spokesman for TripAdvisor says that the company plans to move its headquarters, currently housed at 141 Needham St. in Newtown, to its new headquarters within the New England Business Center in July. Within the complex will be the Center 128 development, which will ultimately encompass 740,000 square feet of new office space, a 128-room Marriott Residence Inn and two structured parking garages.

“TripAdvisor | Needham boasts prime frontage on Interstate 95/Route 128 and serves as the centerpiece asset and inaugural office build-to-suit for Center 128,” says Cushman & Wakefield executive director Matt Pullen. “Center 128, which broke ground in 2012, is a highly-anticipated mixed-use development within suburban Boston's thriving Route 128 West market, surrounded by an established community of corporate neighbors.”

The Cushman & Wakefield team was led by president Robert Griffin, vice chairman Edward Maher and Pullen. C&W managing director Jay Wagner and associate Timothy Hosmer placed the acquisition financing with a national life insurance company.