MARLBOROUGH, MA-The 128-acre, four-building Campus at Marlborough, which once served as the headquarters for 3Com, is up for grabs in a joint venture deal with the property’s current owner, BPG Properties Ltd. John L. Brogan, vice president of BPG, tells the firm is looking for a joint venture partner willing to buy a majority interest in the fully leased site. He says it remains unclear exactly what percentage of the property–valued at $130 million–will be sold but adds BPG will continue to maintain an interest in the Interstate 495 campus as a minority investor.

“It’s a way for us to take some of our investment without selling the property” Brogan says. “When we acquired the property it was 37% leased and it had a much higher risk profile. Since we leased up the property, the investment profile fits an institutional investor who would like an investment with lower risk and the cash flow it offers.”

The hilltop complex, which contains about 532,000 sf and room for an additional 820,000 sf development, was sold by 3Com in 2002 for $58 million after the computer networking firm downsized. It is fully leased to 3Com, Wellington Management Co. LLC, Cytyc Corp. and Exact Science Corp. Situated about five miles from the Massachusetts Turnpike, the property contains office and laboratory space along with a cafeteria, fitness center, a 300-person auditorium or dinner hall and computer labs. It also features walking paths, patios and basketball and volleyball courts.

Last year when 3Com inked a 200,996-sf deal at the campus, Brogan detailed expansion plans for the property. He said they were finalizing approvals to construct an additional 600,000 sf of office space on another campus parcel that will bring the property’s total square footage up to more than 1.1 million sf of class A office space. Brogan said BPG is currently in the process of designing the first of five buildings it plans to construct on the site.

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