The building serves as corporate headquarters for CommunityNewspaper Co. The deal was brokered by Spaulding & SlyeColliers, and the purchase price amounts to $127 per sf.

"The lease offers stability and immediate cash flow," says JimKelleher, senior vice president and director of acquisitions forNew Boston Fund. "The building is located just off of Route 128 onthe Needham/Newton border and provides easy access forworkers."

The purchase expands New Boston Fund's portfolio in the GreaterBoston area, which now totals over three million sf. The sale wasconducted on behalf of New Boston Fund's newest investmentoffering, New Boston Real Estate Investment Fund LP VI. New BostonFund says it is actively acquiring and developing properties onbehalf of the Fund, which currently has received more than $250million of equity commitments and the firm anticipates it willclose with $350 million to $400 million of total equitycommitments.