X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A Bay State buyer of value-added properties has acquired four Boston-area buildings, including one in the city’s Bulfinch Triangle. The deals, which aggregate $37.8 million, bought the firm more than 300,000 sf of holdings in the region’s recovering office market.

In two separate buys, Everest Partners LLC acquired a 60,000 sf class A office building at of 225 Friend St. here and a three-building, 270,000-sf portfolio of suburban office and flex properties in the city’s northern and western suburbs. The Friend Street building, located in the Bulfinch Triangle area which is currently undergoing redevelopment, was acquired from Essex River Ventures of Boston, for approximately $12.3 million.

The firm also picked up a three-property office/flex portfolio for $25.5 million from Berkeley Investments that includes 3 Riverside Dr. in Andover, 155 and 117 Flanders Rd. in Westboro and 1881 Worcester Rd. in Framingham. The acquisitions bring Everest Partners’ holdings in New England to nearly four million sf of office, retail and manufacturing pace in New England.

Bob MacNamara, director of asset management for Everest, described the purchase in a statement as “entirely complementary with the existing 50 buildings in the Everest Portfolio. It will bring economies to the urban operations and leasing efforts and well as enhance our ability in the suburban markets to meet the current and future needs of our tenants.”

Peter Joseph, with the Trammel Crow Co.’s Boston office, along with colleague Chris Phaneuf, represented both the buyer and seller in the Berkley portfolio sale. He tells GlobeSt.com that the portfolio was sought after by at least 10 value-added buyers.Joseph says the seller, which put the buildings on the market about four months ago, opted to divest of the holdings because it was “winding down” a partnership agreement that had a stake in the properties. Scott Jamieson of Spaulding & Slye handled the Friend Street transaction for both the buyer and seller.

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?

 

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
Live Chat

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