LEXINGTON, MA-Nordic Properties and Berwind Property Group sold Lexington Corporate Center to Essex River Ventures for $35.3 million. The property totals 285,000 sf and is situated on 20 acres.

Trammel Crow served as the broker for the deal. The center is located at 10 Maguire Rd., directly off the Route 4/225 exit from Route 128/ Route 95 and immediately adjacent to the Minuteman bike path and Hanscom Airfield. Its tenant roster includes IBM/Rational, SGS Thomson, Marketsoft and AHA Associates.

The property was originally built by Itek Co. in the late 1960′s to design and build optical equipment for the US government and private contracts. After being acquired by Litton Industries, the ongoing business was relocated to other facilities. The original buildings totaled almost 400,000 sf including a 30-foot high stainless steel chamber built to test equipment in a simulated weightless environment of outer space.

Lexington Corporate Center was redeveloped into class A office space by Nordic Properties when they purchased this corporate surplus asset from Litton Industries in 1997. The project involved the removal of several buildings, the insertion of new floors, the creation of lobbies and window lines in an effort to revitalize the facility. Once the property was redeveloped and mostly leased, Nordic admitted Pennsylvania-based Berwind Property Group as a capital partner.

Burlington-based Nordic Properties has transacted more than $500 million in investment, renovation and development projects totaling over five million sf. The company’s primary focus is commercial, industrial and multifamily projects throughout New England and along the eastern seaboard. Berwind Property Group is a privately held real estate investment firm. Its portfolio consists of 30 million sf of office, residential, hotel and industrial properties located throughout the country. In the Boston area, Berwind’s current holdings include 100 Cambridge Park Dr. in Cambridge, 181 and 187 Ballardvale St. in Wilmington, 8 Federal St. in Billerica, the Campus at Marlborough and 690 Canton St. in Westwood.

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