X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.