Search
 

Brickstone Square Developer Seeks Buyer or Equity Partner for Noted Mill Renovation

ANDOVER, MA-Developer Martin Spagat has hired Sonnenblick-Goldman to market the three-building complex, either for outright sale or as a partial interest.

By Joe Clements | Updated on September 21, 2000

ANDOVER, MA-Brickstone Square, one of the larger and more successful mill renovations in Eastern Massachusetts, is being offered up for sale, although developer Martin Spagat says he might also entertain bringing an equity partner into the project. The three-building complex features 1.05 million sf, and is currently 100% leased.

“It has been a good project for us,” says Spagat, who has also done mill-to-office conversions in such Bay State communities as Clinton, Newton and North Andover. Brickstone Square has attracted a mix of professional services, high-tech and institutional companies since opening in 1988. CMGI, one of the country’s leading venture capital firms, occupies more than 400,000 sf in the complex.

“Brickstone Square provides an attractive investment opportunity because of its exceptional location, first-class amenities and accessibility to a skilled labor force,” says Sonnenblick-Goldman President Steve Kohn, whose firm has been retained to market the property. Kohn notes that the North suburban office region has been among the strongest around of late. Meredith & Grew places the current vacancy rate for the 20.3 million-sf market at 4.9% following year-to-date absorption of 808,000 sf.

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?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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 © 2024 ALM Global, LLC. All Rights Reserved.