NASHUA, NH-A 700,000-sf corporate campus owned by Hewlett Packard Corp. is the latest suburban office property being cast upon the investment waters, with industry sources telling that the technology company is seeking a buyer. “It’s a big one,” says a commercial investment broker who claims that Hewlett Packard is aiming for upwards of $50 million for 110 Spit Brook Rd., an 88-acre park located right off Exit 1 of Route 3.

Hewlett Packard reportedly has tabbed Cushman & Wakefield of Massachusetts to handle the assignment through the real estate services firm’s Middle Markets Group. C&W of Massachusetts president Robert Griffin was unavailable for comment, while calls to Hewlett Packard at its corporate headquarters in Palo Alto, CA, were not returned by press deadline. Nonetheless, sources insist that 110 Spit Brook Rd. is on the market, with one stating that Hewlett Packard will continue to occupy a portion of the office space. Another section of the parcel could be carved out for residential, maintains the source, who is familiar with the park.

“It’s absolutely beautiful,” says the observer, predicting, “It will get a ton of interest.” As in most cases of late, the property is likely to be listed sans an asking price, but the source predicted a sale in the range of $45 million to $50 million, with the amount of space Hewlett Packard would occupy being one factor. There are three buildings dating back to the early 1980s, according to the broker, who explains the park was previously owned by Digital Equipment Corp. and then Compaq Computer prior to that firm’s takeover by Hewlett Packard. Some of the 770,000 sf is occupied by third-party tenants, and more space is available, according to listings on C&W’s website.

The Route 3 corridor that runs between Burlington, MA, and southern New Hampshire has gone through a difficult period in leasing office and flex space, but the rebounding economy has revived activity in the technology heavy region, which is also now seeing an influx of defense and life sciences companies jostling for space. One bonus for 110 Spit Brook Rd., according to the broker familiar with the property, is the recent expansion of Route 3, a project that has eased congestion since completion nearly two years ago. “You can’t beat the access,” says the source.

The recovering suburban office market has enhanced investor interest in suburban office product after a prolonged cool spell. That interest is borne out in the first quarter investment market report produced this week by Meredith & Grew, in which the sales climate outside of Boston was termed “heated,” with new competition emerging for all asset types. The days when $300-per-sf deals were reserved for downtown transactions are gone, Meredith & Grew says, citing the $33-million disposition of 4 Van de Graaf Dr. in Burlington for $353 per sf, a deal brokered by Jones Lang LaSalle. Other first quarter suburban sales included Cherry Hill Corporate Center in Beverly, which sold for $71.5 million, and 100 Technology Center Dr. in Stoughton, purchased by H.N. Gorin for $45.5 million, or $231 per sf. That sale was reported by earlier this month.

Cushman & Wakefield’s Middle Markets Group consists of Chris Griffin, David Pergola, Rick Putprush and Brian Doherty. Part of the firm’s Capital Markets Group that has dominated investment sales in Massachusetts this decade, the Middle Markets Group has sold close to $200 million to date in 2007, according to company estimates. Among the sales handled by the team this year was the $24-million disposition of the Bedford Farms Office Park in Bedford, NH, to Farley White Partners.

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