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LOWELL, MA-One of suburban Boston’s most iconic office developments is reportedly the latest major real estate asset being put on the sales block, with industry sources claiming that Eastdil Secured LLC has been tapped as broker of CrossPoint Towers. The three-building, 1.2-million-sf park is owned jointly by DivcoWest Properties LLC and Yale Properties USA.

“It is out there,” says an investment specialist familiar with CrossPoint, which is known locally both for its physical dominance on the Merrimack Valley landscape, and as the former headquarters of Wang Laboratories. The campus rose on the fortunes of that 1980s technology giant only to fall in lockstep when the firm was overrun by competing technology and collapse of the hardware computer sector. By 1994, the erstwhile Wang Towers was an aging white elephant unable to fetch even $1 million at an auction held that February by the lender. The cavernous, empty complex was scooped up for 35 cents per sf by a group of entrepreneurial real estate professionals from Boston.

That sale would prove to be the steal of the decade in New England’s CRE market. Not only was the region on the throes of a seven-year rebound, the new owners crafted agreements with city officials and assembled a marketing program that led to several key leases, including Nynex Corp. In September 1998, the re-branded CrossPoint had stabilized enough to fetch $101 million from a partnership of Yale and the Blackstone Group, yielding a windfall for the sellers and a second chance for the office park.

CrossPoint in the new millennium has seen its share of ups and downs, with the surrounding Interstate 495 North office market among the hardest hit by the technology bust, especially after that boom had created substantial new supply. Yale and Blackstone tried to cash out in 2002, and had a New Jersey investor ready to pay an estimated $156 million, until the deal was quashed by the deteriorating office market. Another run was taken in 2005, and Blackstone ultimately sold its interest to Divco West while Yale opted to stay put. Now, however, the resurgent office market and a flood of capital coming into suburban Massachusetts apparently has the towers once again up for grabs. Occupancy is said to be above 90%.

At this point, none of the parties appear ready to talk about the CrossPoint sale, with calls to Eastdil’s Boston office and officials at San Francisco-based DivcoWest not returned by press deadline. DivcoWest has been actively pursuing other real estate in suburban Boston, recently acknowledging the purchase of 100 Crosby Dr. in Bedford and 210 Littleton Rd. in Westford. GlobeSt.com previously reported those sales, but DivcoWest only recently owned up to the ownership, paying $61.5 million for 100 Crosby Dr. and $9.4 million for the Westford building. Sources say no asking price has been established for CrossPoint, but observers predict the sale will fetch more than $150 million.

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