While declining to offer any pricing estimates, broker ElizabethCarrillo Thomas of C&W's Capital Markets Group says she expectsWaltham Place will garner substantial attention from investorslooking to participate in the region's anticipated rebound. TheC&W executive director is overseeing the assignment inpartnership with C&W principal Marci Griffith Loeber. "It's afabulous location," Thomas says of the park, citing both visibilityalong Route 128 and quick access to both that major thoroughfareand the Massachusetts Turnpike. Route 20, connecting to severalbedroom communities, is also near by, she notes, a key givenWaltham is considered valuable for tapping into the region'sskilled labor market.

Besides benefiting from the stronger economy, Waltham Place hasfared well under Bluestone's stewardship, adds Thomas. Theproperties were among a half-dozen Bluestone secured earlier thisdecade after concentrating previous investments outside NewEngland, such as Houston. The tenant roster at Waltham Place offersstability through 2010, says Thomas, and rents by that point areexpected to be even higher for Waltham than at present. Until then,Waltham Place is fully occupied by a number of technology firms,with CSC Consulting Corp. the prime tenant.

Bluestone took over the buildings just as Waltham was hittingone of its most difficult periods ever, but after several years ofsluggish activity, the city has emerged as one of the busiestsuburban sectors in the country. Rental rates have returned toabove $40 per sf for top deals, according to several mid-yearmarket reports, and vacancies have fallen into the single digits.According to one report by C&W, the Route 128 Central marketanchored by Waltham now has a vacancy rate of 9.5%, the onlysuburban submarket presently under 10% among seven tracked.