Marlborough Office Sells for $18M

MARLBOROUGH, MA-Dallas-based Lincoln Property Co. and Boston-headquartered Realty Financial Partners win ownership of a 199,005 sf office building here with a $17.6 million bid. The seller was Principal Global Investors.

“It was very competitive,” Robert E. Griffin Jr. with Cushman & Wakefield’s Capital Markets Group, tells GlobeSt.com. At least eight bidders were vying for the property, he says, but when the seller pared down the list, the Lincoln/Realty Financial team emerged as top contender for the 293 Boston Post Rd. building.

“These people had a strong team on the ground,” Griffin says of the joint venture players, noting that Lincoln Property has expertise in managing the building, an advantage that gave Principal Global Investors more confidence in the group’s ability to close the deal. The building features its glass-topped atrium, outdoor balconies, on-site parking and 13.1-acre campus. “They were familiar with the building and liked the property’s potential,” Griffin says, noting that the buyers felt that they could benefit by repositioning the office property to gain from improving market conditions.

Ed Maher, executive director at Cushman & Wakefield, called the acquisition “strategic,” saying it would allow the team to “significantly augment their existing portfolio with a true class A building at a price well-below replacement cost.”

“Given its recent capital enhancement, 293 Boston Post Rd. is well-poised to take advantage of the rebounding market conditions and a future uptick in rental rates,” says Maher. In addition to amenities that include a 6,217-sf freestanding daycare facility, the property, which is about 70% occupied by companies that include the law firm of Hanify & King and PC Connections, a high tech firm, also has extensive frontage along Boston Post Road and is located just minutes from Interstate 495.