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BURLINGTON, MA-This area of suburban Boston, near Route 128, is starting to show some signs of life with the recent sale of a 106,000-sf building at Five Burlington Woods Drive to New Boston Fund, Inc. The three-story building was sold by Lend Lease Real Estate Investments.

Paul Stevens of Lend Lease confirms for GlobeSt.com that the property, which Finard & Co. developed in 1982, was sold. Roberto Magno, an analyst in the acquisitions group at New Boston Fund tells GlobeSt.com that the selling price was $18 million or $175 per sf, which, he notes, “is on the low end of the scale.” Magno points outs that, given the current economic times, this purchase was a safe acquisition. “It has no rollover, good credit and solid returns,” he says. The building is 97% leased with its largest tenant, the engineering firm Fay Spofford & Thorndike taking up 50% of the building. Magno adds that his company is always looking for acquisitions in this area. “We’re a Boston-based firm,” he says, “and this is a great market.”

Founded in 1993, New Boston Fund, Inc. is a provider of real estate investment services and manages over $450 million of equity capital and a total real estate portfolio valued at over one billion dollars, located primarily along the Eastern seaboard and throughout the Midwestern United States. In this area, the company’s recent acquisitions include the Watermill Center in Waltham, 33 Boston Post Road in Marlborough and One Brigham Circle in Boston.

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