BURLINGTON, MA-In what would be fiscally and physically among suburban Boston’s largest commercial real estate sales ever, the abutter to the Sun Microsystems campus at One Network Dr. has agreed to acquire the 158-acre property, according to industry sources. By some estimates, the seven-building, 805,000-sf complex could trade for more than $210 million in a strategy one observer calls “extremely logical.”

“It makes all the sense in the world,” says the industry professional, who bolstered another source professing to be “very, very sure” that the owners of Northwest Park and an unnamed capital partner have beaten off a bevy of eager capital rushing up Route 128 in concert with the regional economic recovery. “They are the buyers,” the source tells GlobeSt.com, with that source and others maintaining the owners might have been able to pay more given their proximity to the asset, allowing for greater operational efficiencies.

The family that launched Northwest Park a half-century ago, making it one of suburban Boston’s first office projects, has a real estate legacy dating to the 1920s. Members of the Nordblom clan broke off a separate investment entity in 1994 called Nordic Properties. Ogden Hunnewell, Nordic’s president, did not respond to calls regarding the potential purchase of One Network Dr., while the brokerage team involved in the deal, Jones Lang LaSalle, declined comment on the status through a spokesman.

Already among the largest commercial developments in the area at 160 acres and 1.4 million sf, Northwest Park would become even more imposing thanks to a plan unveiled late last year to add a 600,000 sf of retail, housing and other uses to the footprint. How the ownership’s plans would be impacted, if at all, by the purchase of One Network Dr. is unclear, but one observer says it would be beneficial to control as much of the roadway as possible.

Northwest Park and One Network Dr. are sandwiched between the Middlesex Turnpike and Route 3. Northwest Park has remained almost exclusively an office development, but it is in a proven retail area as evidenced by the Burlington Mall across the street and a series of restaurant and store pads flanking its western border.

As for One Network Dr., moving parts such as development rights for another 567,000 sf make it harder to determine the per sf price, and the value is further clouded by an agreement from Sun Microsystems to remain in 450,000 sf for a period of 10 years. The total price will exceed $210 million, however, sources estimate, adding they believe there is an effort to close before the end of the month. One source says there were at least nine serious bidders who pitched more than $200 million, and claimed that pool was then narrowed to a few finalists before the winner was selected.

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