Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MARLBOROUGH, MA-With a $25.5-million offer, Spear Street Capital beat out 16 other bidders to take ownership of the Marlborough Corporate Center, one of the most prominent corporate parks in Boston’s Rreef portfolio.

The San Francisco investment group paid $163 per sf for the three-story 156,630-sf class A suburban office property, winning title to the asset based its reputation for closing the deal, Edward C. Maher, Jr. with Cushman & Wakefield’s Capital Markets Group tells GlobeSt.com. The property was the last in a portfolio that was liquidated by seller, he adds.

“The level of interest was super high given its size and tenancy,” he says. “At the end of the day [Spear Street Capital] put together the best package.”

The California investment firm gained a reputation as a deal closer after acquiring its first Bay State property in September 2004 when it bought the office property at 300 Baker St. in Concord for $39 million.

John Grassi, president of Spear Street Capital, tells GlobeSt.com that the investment group selected the 15.6-acre property because of its 85% occupancy, upscale image and a design that allows for tenant flexibility.

“In our opinion, its one of the best locations on Route 495,” says Grassi, noting that the property’s 15% vacancy will also allow for upside on the company’s investment. Located on Simarano Drive in Marlborough, the property is adjacent to Route 495 and is almost entirely leased by three NASDAQ-traded companies: Synopsys, Staples and ValueClick.

Maher, along with Robert E. Griffin, Jr., Marci Griffith Loeber and Christopher T. Griffin, all with Cushman & Wakefield’s Capital Markets Group, exclusively represented the seller and procured the buyer in the transaction. Leasing for the property will be handled by Cushman & Wakefield’s Kevin J. Hanna.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.