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NORWOOD, MA-Blue Cross Blue Shield of Massachusetts has sold 449 Neponset St. to JMK Development LLC. Meredith & Grew, Inc.’s James L. Elcock, executive vice president, represented the seller in the transaction while JMK Development represented itself. Financial details of the deal were not disclosed. According to Grubb & Ellis’s most recent market report, lease rates for the area are about $23 per sf.

The 25,000 sf building is situated on 3.3 acres of land and overlooks Route 1. The building is partially leased to Brigham and Women’s Health Services, which will remain in the location for at least another year. JMK Development has not indicated what its plans are for the building.

Grubb & Ellis’s report also indicates that despite an uncertain market recovery, Boston continues to appeal to investors. Buyers, it notes, are either being extremely conservative and will only buy at full occupancy or opportunistic and will buy vacant spaces.

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