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The 184,643 square-foot complex is presently 94% leased to a 38-tenant roster and has recently benefitted from common area upgrades and building improvements totaling nearly $5 million, according to Newmark Knight Frank.
"The market in the US is fairly developed and many of those players are focusing on just sub-asset categories such as car dealerships, casinos or gas stations."
CPPIB will have a 45% ownership interest in the Platform 16 joint venture. Boston Properties will retain the remaining 55% ownership stake and provide development, property management and leasing services.