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CHELMSFORD, MA-A hotly contested local office and R&D building received numerous offers when the 131,252-sf property went on the market. An $18.4-million bid by Boston-based NPV/Direct Invest put the asset into the group’s portfolio as its first Bay State buy.

Richard E. Putprush with Cushman & Wakefield ‘s Capital Markets Group says the 5 Omni Way building here attracted a number of interested buyers because of its creditworthy, long-term tenant, Goodrich, a defense contractor. “We went through a rapid process,” Putprush says of the sell-off. “We introduced it to the market, went through the tour process quickly, accepted offers and picked a winner very quickly. It was very hotly contested.”

Seller KBS Realty Advisors of Newport Beach, CA selected NPV/Direct Invest as the building’s new owner based on both the buyer’s offer and their seller’s confidence in the buyer’s ability to close the deal, Putprush says. “The total structure of their offer provided the most compelling reason to select them–a combination of price, terms and evidence of their ability to perform.”

It was NPV/Direct Invest’s first purchase in the Bay State, although the investment group holds five other office buildings in Virginia and Maryland. The property was a strong draw for NPV Direct/Invest, which found its rehabbed interior strong credit-worthy tenant and location in one of Boston’s premier submarkets to be key selling points.

Set within the 1.5-million-sf master-planned Altid Business Park, the building sits on approximately 11.9 acres of wooded land within the corporate campus near both Interstate 495 and Route 3. The transaction was handled for the seller by Putprush along with Robert E. Griffin, Jr., Marci Griffith Loeber and Christopher T. Griffin, all with Cushman & Wakefield’s Capital Market Group. The buyer, who was self-represented, also was procured by the Cushman & Wakefield team.

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