X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A well-located office building in the one of the area’s original “inner suburbs” has been sold. The Mayo Group paid Eastport Harbor LLC $4.8 million for 50 Redfield St., a 43,000-sf structure abutting the Southeast Expressway on the edge of North Quincy.

“It is no surprise that the deal moved quickly,” says Cushman & Wakefield senior director Richard Putprush, whose firm negotiated terms between the two parties. Putprush cites the strong location in Neponset Circle as one attractive element, as well as 50 Redfield St.’s visibility from Interstate 93, solid leasing history and upside potential. “This was an excellent transaction for both Eastport Harbor and Mayo Group,” says the broker, who was joined by C&W Middle Markets team members Brian Doherty, Chris Griffin and David Pergola in handling the assignment.

One of Boston’s more prolific real estate investors, the Mayo Group notes that Neponset Circle is within a 10 minute drive of the Massachusetts Turnpike, Route 128 and Logan International Airport, and is also accessible by public transportation, including the MBTA Red Line subway that connects to Boston and Quincy. Fifty Redfield St. features a reflective glass lobby atrium, individually controlled HVAC systems and covered executive parking.

“We’re looking forward to enhancing this already established landmark on the Southeast Expressway,” says Mayo president John McGrail, who reports that his firm will undertake a capital improvements program to upgrade common areas and enhance aesthetics in a bid to fill approximately 10,000 sf available on the top floor. The Mayo Group already owns several office buildings in Greater Boston, and has been active in the multifamily and retail sectors as well. The firm has also expanded geographically, now owning and managing properties throughout New England to Florida, Georgia, Louisiana and Texas.

An affiliate of Eastport Real Estate of Waltham, Eastport Harbor LLC had owned 50 Redfield St. since 2003. Principal Michael Price, who recently launched Legacy Real Estate Ventures, calls the Neponset Circle asset “a nice solid investment” for the firm, concurring that the building has several special aspects favored by tenants. Among those, he says, are views of the Downtown skyline and Boston Harbor; a layout that can accommodate small- and mid-sized tenant; and generous parking of three vehicles per thousand sf leased. Also, he says, “it has the Boston address but you don’t need to fight the traffic” into the Financial District.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.