NASHUA, NH-Proving his interest in commercial real estate has not waned, New England real estate legend Thomas Flatley is buying yet another asset, according to industry sources who claim the Flatley Co. of Braintree, MA, has committed to buying a 700,000-sf corporate campus here owned by Hewlett Packard Corp. The 88-acre complex abuts Flatley’s Nashua Office Park, and is reportedly selling for more than $45 million.

“That appears to be so,” one source tells of the deal, although calls to Flatley and to brokers at Cushman & Wakefield were not returned by press deadline. The park has been on the block since April.

One issue not yet clarified is how much space Hewlett-Packard will retain in the three-building complex, a development whose roots stretch back to the days of Digital Equipment Corp. The campus at 110 Spit Brook Rd. then came under control of Compaq Corp. upon its takeover of DEC, and followed the merger path to Hewlett Packard’s door when it acquired Compaq. Palo Alto-based Hewlett-Packard has been reducing its ownership of excess CRE throughout Massachusetts and southern New England during the past 24 months, but most observers maintain the firm wants to retain a presence at 110 Spit Brook Rd.

Among the attributes previously cited about 110 Spit Brook Rd. is the location at Exit One of Route 3, a major thoroughfare leading directly to the Route 128 corridor in Burlington, MA. There is also said to be a chance for redevelopment to other uses on a portion of the property, possibly residential.

Given Flatley’s diverse platform of CRE in New England, one that has spanned the gamut from residential and retail to hotels, office and industrial space, it is no real surprise for the investor to be making another purchase, but his pattern of late has been towards selling product. In late spring, for example, Flatley harvested a long-held, 10-building portfolio in Braintree to KS Partners, and had advertised his headquarters complex at the Braintree Hill Office Park for sale before pulling the asset off the market shortly afterwards sans explanation.

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