X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

TYSONS CORNER, VA-The New Boston Fund, which first entered the Washington, DC market in 1999, is getting set to expand its portfolio here as well as in other markets in the Mid-Atlantic region. The firm plans on investing some $150 million for the remainder of the year.

Leading this initiative will be Patrick Connell, the firm’s newly named vice president of asset management for the Mid-Atlantic region, based in the Tysons Corner office. “We are now actively pursuing a diversified investment strategy, focusing on both acquisitions, JV and development across all asset classes,” he tells GlobeSt.com. The New Boston Fund hopes to fill a senior development position as well. “That will solidify our commitment to the Mid-Atlantic and DC markets.”

“We are looking for someone on the ground who knows these markets thoroughly.” As for potential acquisitions, he says, the company is looking for value-add opportunities such as buying vacancies for repositioning, for instance.

New Boston Fund entered the DC market with the development of Virginia Square Plaza, an office building located at 3811 North Fairfax Drive in Arlington, Va.. It later sold the building to Principal Financial Group for $51.8 million in 2003.

Last month, it sold another property, 2000 Corporate Ridge, a McLean, Va.-based 256,022 sf office building to Stephen A. Goldberg Co. New Boston Fund, whose roots are in development work, is currently partnering with Realty Capital Partners, LLC in the development of Parkstone Place, a 76,400 sf, class A office building, also in northern Virginia.

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.