WOBURN, MA-National Development and Angelo, Gordon & Company completed the $80.5 million sale of 225-235 Presidential Way, a 440,130-sf office complex leased in its entirety on a long-term basis to Raytheon Co. Cushman & Wakefield’s Financial Services Group of Robert E. Griffin Jr., Edward C. Maher Jr., Marci Griffith Loeber and Richard F. Herlihy represented National Development and Angelo, Gordon and procured the buyer, a Morgan Stanley-advised client.

Completed in 2001, the corporate campus located immediately adjacent to Route 93, 13 miles northwest of Boston. The complex consists of two interconnected five-story class A office buildings and two associated parking garages, which together comprise 1,354 structured parking spaces. Located within the 1.3 million-sf master-planned MetroNorth Corporate Center, the facility serves as Raytheon’s Missile Defense Center housing approximately 1,100 employees.

The park was built by National Development on behalf of Genuity as its worldwide headquarters. Level 3 Communications came into possession of 225-235 Presidential Way after it acquired the assets of Genuity in 2003. National Development and Angelo, Gordon bought the complex with a short-term leaseback by Level 3. The empty facility was immediately marketed for lease culminating in an agreement with Raytheon to occupy the entire facility under the terms of a long-term net lease.

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