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National Development Buys Three Buildings

NORWOOD, MA-Locally-based National Development buys three class A office buildings here in Norwood Park South for $12.8 million from Sun Life Assurance and John Hancock Life Insurance.

By Naomi Grossman | Updated on February 13, 2001

NORWOOD, MA-The locally-based real estate development firm purchased 220 and 320 Norwood Park South from Sun Life Assurance and 315 Norwood Park South from John Hancock Life Insurance. The deal was done in one consolidated transaction. The properties have a combined total of 147,000 sf of space.

According to Jerome Kyllingstad, assistant vice president at National Development, the buildings are fully leased and a new 128-room hotel is going into the office park. He also tells GlobeSt.com that the company will be upgrading its appearance at “a price to be determined.” Rental rates on Route 1 near Interstate 95 and Route 128 about ten miles south of Boston, are in the low to mid $20s range.

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