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LOWELL, MA-Yale Properties USA and Blackstone Real Estate Advisors have put the Cross Point, a 1.2-million-sf office project located near Routes 495 and 3, up for sale. The broker involved tells GlobeSt.com that the owners want to take advantage of the interest among investors in a large asset in a strong market.

The property will be marketed exclusively by Robert Griffin, Marci Griffith and Edward Maher of Cushman & Wakefield. Cross Point is approximately 92% leased to tenants including Cisco Systems, Verizon, J.P. Morgan Chase, and Eastman Kodak. The complex was extensively renovated in 1995 and now consists of three interconnected office towers. Among its features are a 20,000-sf conference facility, a daycare center, a Fitcorp health and fitness center, two full-service dining rooms and retail shops.

According to Maher, the owners decided to sell because they received a number of inquiries about the property. “There is so much capital that’s been raised,” he says. “Certain markets are getting a lot of attention and investors are looking for trophy-type landmark properties in those markets.” Maher adds that the property’s solid tenants and its large size contribute to its appeal. “The bigger the better these days,” he says. “There is so much money being raised that as far as negotiations go, it’s a more efficient way to invest.”

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