Ames Pond Corp. Center Sells for $10M

TEWKSBURY, MA-Ames Pond Corporate Center is changing hands for $10 million. The 154,200-square-foot office park is being purchased by a joint venture of Leggat McCall Properties LLC and Dead River Properties LLC. The JV will also get a land parcel in the deal, which eventually could house 150,000 square feet of development.

The 55-acre park houses two buildings which are currently 71% leased to seven tenants. Its moniker comes from the Ames Pond situated next to the park, which was constructed for MetLife in 1988, here, sharing proximity to the Interstate-495 and Rte. 133 exchange.The park has been party to recent capital improvements with new roofs, roof top units, lobby renovations, bathroom upgrades and various, unnamed exterior improvements.

“Due to the quality of the asset and the setting, the park attracts a disporportinate share of leasing,” says Cappy Daume, from Jones Lang LaSalle. “Leggat is buying the asset at a very compelling basis that will enable them to compete effectively for tenants going forward. Further there is additional upside in the extra land parcel.”

Jones Lang LaSalle represented the seller and procured the buyer. Jones Lang LaSalle did not return inquiries to GlobeSt.com in time for deadline. ASB Capital Management purchased the property in 2003 for roughly $19 million, according to published reports.The lease rates were not disclosed, but average asking rates for the 495 North submarket average $18 per square foot, according a Q4 2008 report from Colliers Meredith & Grew.