ANDOVER, MA-ELV Associates, a British real estate investment and development company, has acquired the New England Business Center. One of Route 495′s better known office parks, the four-building complex was sold by TimesSquare Real Estate for $31.5 million.

Along with a free-standing day-care facility, the development includes 10 New England Business Center, a three-story, 87,000-sf office building, and 20 New England Business Center, a 65,000-sf structure occupied entirely by Physical Sciences Inc. The park’s newest property is 35 New England Business Center, a two-story, 86,000-sf office building that houses a variety of tenants. In addition, ELV also acquired rights to develop an office building overlooking the Merrimack River. The property is approved for four stories and 130,000 sf.

A private investment entity, ELV has other investments in the suburban north office market, including the Highwood Office and Research Park in nearby Tewksbury. ELV last year developed One Highwood Drive, a three-story, 90,000-sf office building in that Tewksbury park. Both TimesSquare and ELV were represented by the Trammell Crow Co.’s Investment Services Group.

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