Tapping into one of suburban Boston’s most vibrant office sectors, Koll Bren Schreiber Realty Advisors has purchased a four-building complex located just off Route 3. The Omni Way portfolio, consisting of 348,000-sf of class A office space, sold for $32 million.

“That market is on fire up there,” says Marci B. Griffith of Trammell Crow, which brokered the sale on behalf of the Archon Group. After struggling in the early 1990s, Chelmsford has rebounded on the strength of the high-tech industry, with a range of fiber-optic networking, Internet and software firms all chasing a dwindling supply of available space.

According to Griffith, a principal with Trammell Crow’s Investment Services Group, rents in the market are in the $20 per sf range on a triple-net basis. The buildings at Two, Four, Five and Six Omni Way are each occupied by a single tenant, including such firms as Kronos and Sun Microsystems. Although there is some potential upside in a staggered lease roll, Griffith says the complex was generally seen as a core asset, one that attracted a solid response from investors.

Trammell Crow brokered both sides of the Omni Way sale, with principals Robert E. Griffin Jr. and Edward C. Maher Jr. joining Griffith in the deal. The complex is currently 100% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.