Archon Moves Four-Building Office Park

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.