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LEXINGTON, MA-Fully leased multi-tenant properties continue to be a hot item in today’s market as evidenced by TA Realty’s acquisition of ING Clarion Partners Hayden Woods Corporate Center. The office park, which was bought by Clarion in November 1999 for $37 million when $50-per-sf lease rates for the area were not uncommon, sold recently for $35 million.

“Interest in the property was very strong,” Scott Jamieson, Spaulding & Slye Colliers vice president, tells GlobeSt.com. ” Like most class A investment offerings, this property received tremendous interest from a broad range of investors. We had at least 100 signed confidentiality agreements, conducted over 25 tours and got more than 10 offers.”

“The fact that [Hayden Woods] is 100% leased, given current market conditions, is a testament to the asset’s standing in the marketplace,” adds Deke Schultze, ING Clarion vice president and general manager. Located at 45-55 Hayden Ave., adjacent to Route 2 and one exit south of Interstate 95, Hayden Woods is comprised of two inter-connected four-story office buildings situated on 25 acres. The office park features walking trails throughout the property and along the adjacent conservation land. After purchasing and renovating 55 Hayden Ave. from WR Grace, Spaulding & Slye LLC permitted and built 45 Hayden Ave. and sold the office park to ING Clarion. The property has since undergone further capital improvements, including roof replacement at 55 Hayden Ave., redesign of the full-service cafeteria and a new outdoor terrace.

The sale of the property does not mean that ING Clarion is bolting the Greater Boston office market. They still own more than one million sf of multi-tenant office property in the suburbs, including the 400,000-sf Waltham Woods Corporate Center and the 300,000-sf Fordham Road Business Park in Wilmington. Sources believe that the asset is being sold to liquidate a client account.

“We still remain optimistic on the long-term prospects of the Boston real estate market and continue to pursue acquisition opportunities across all asset classes,” says ING Clarion managing director, Mark Weld. “This disposition further bolsters such efforts by proving investor demand remains high for well-positioned local assets.”

Spaulding & Slye Colliers principals Catharine F. Daume, Michael G. Smith and Jeffrey B. Swartz, and Jamieson represented ING Clarion Partners. Spaulding & Slye will continue to manage the property.

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