Office Tech Portfolio Nets $70M Refi

LEXINGTON, MA-Patriot Partners is getting a $70-million loan for its Lexington Tech Park portfolio. The portfolio consists of three class A office and research facilities here. The three-year flexible fixed-rate loan is coming from a syndicate of Commerce Bank of Worcester, MA and Danversbank and led by GE Real Estate’s North American lending division. The loan also includes a $7.8-million line of credit for additional improvements and lease-up.

David Cohen, regional director, northeast, for GE Real Estate’s North America Lending Group says in a statement that GE expresses confidence in this portfolio for a number of reasons. The reasons are “class A assets, no rollover during the loan term, a class A location, strong creditworthy tenants, an experienced sponsor with local expertise and a robust suburban market that’s very attractive to the life sciences industry.”

The portfolio is made of three buildings–125 Spring St., 300 Patriot Way and 500 Patriot Way–sitting at the intersection of route 128 and route 2 here. The buildings comprise 278,904 sf on a 96.5-acre campus with two floors in 125 Spring St. and 300 Patriot Way and 500 Patriot Way each sporting three floors. The buildings are 89% leased, with only one of the properties not completely leased.

The largest of the two tenants is the Human Genetic Therapies division of Shire, a global specialty biopharmaceutical company. Shire will make the property its new headquarters, moving from nearby Cambridge.

Patriot Partners purchased the site in December 2002 and redeveloped it as office and research. Formerly, the site was the world headquarters for the Raytheon company. The deal was brokered by David Douvadjian and Tom Welch of Colliers Meredith & Grew.GE Real Estate did not return GlobeSt.com inquiries by deadline. Patriot Partners could not be reached by deadline.