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WALTHAM, MA-Cornerstone Real Estate Advisers Inc. is selling Two and Three University Office Park to Aslan Realty Partners II LP, a $680-million fund sponsored by Chicago-based Transwestern Investment Co. Financial details of the deal were not disclosed. Kevin Hites of Transwestern notes that the firm has been pursuing investment opportunities in the Boston area over the past several years. “We feel that we can add a good deal of value to the project through a proactive leasing and management program as the market recovers.”

Elizabeth Carrillo Thomas and Phil Giunta of CB Richard Ellis/Whittier Partners represented Cornerstone Real Estate in the transaction and procured the buyer. CB Richard Ellis/Whittier Partners was also retained to lease and manage the two-building, 278,000-sf complex.

The complex is currently 75% leased and includes two, six-story office buildings with an attached two-story, 183-space parking deck located on Sawyer Road in the Route 128 corridor, next to Brandeis University. The buildings were developed by locally based Vazza Associates on land owned by Brandeis.

“This was Transwestern’s first direct equity investment in the Boston area,” Thomas points out. “This property is a marquee Waltham office project that attracted significant interest from institutional and local players for several reasons.” Some reasons Thomas cited include its location just minutes off the interchange of Route 128 and the Massachusetts Turnpike, its park-like setting and its location adjacent to the Brandeis Commuter Rail station. He says it has “the opportunity to create value through creative leasing as the market recovers. It is rare for quality Waltham office projects to come up for sale.”

Giunta points out that Transwestern has “aggressively” pursued a number of assets in Greater Boston. “The most interesting part of the deal is that Transwestern is buying into a Boston recovery over the near to mid term. These class A buildings will create great value in the future, and Transwestern’s purchase of these buildings is only the beginning of their presence here.”

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