203,840-SF Building Sells for $12.2M

MARLBOROUGH, MA-Taurus of New England Investments Corp. sold 34 St. Martin Dr. for $12.2 million to RREEF, a pension fund advisors group based in Chicago.

The one-story building comprises 203,840-sf of flex space, most of which has been converted to office use. It is located in 495 Tech Center West, a flex park near Route 495 whose ownership has recently been fragmented. The park’s appeal has been helped by the recent completion of a new $13-million interchange at Crane Meadow Drive off Route 495.

The building is currently 100% leased to a number of tenants including Telvista and Accutech Plastics. Robert E. Griffin, Jr. Richard F. Herlihy and Christopher T. Griffin with the middle market portion of Cushman & Wakefield’s Financial Services Group represented Taurus of New England and procured the purchaser.

The area’s office market continues to struggle due to its dependence upon the high-tech market. According to Spaulding & Slye Collier International’s third quarter statistics, the Route 495 North market has 2.7 million sf available, including both direct and sublease space. 3Com’s recent sale of its 530,000-sf campus to Berwind Property Group took some space off the market but many area brokers anticipate that the region will continue to have difficulty absorbing this space through next year.