At a little over $160 per sf, James Belli, a senior director at Cushman & Wakefield, tells GlobeSt.com that the deal was a "pretty strong price per sf." Belli's firm brokered the deal on behalf of Leggat McCall. Belli notes that the MetroWest market where this property is located has been strong even while the overall market has been a lot slower. "Investors are looking for a good, stable market," he notes. "This is a good submarket. There is no near-term rollover and they are getting a good chunk in return. People are concerned about where rents are at and where they are going." The building is fully leased with tenants such as Process Software, Carlson Design and Pitney Bowes. Lease rates range from $28 to $34 per sf, according to Belli.

The 14-year-old office building was developed by Leggat McCall, which has been restructured since the retirement of its two principals. In the past year, the company disposed of $550 million worth of commercial property. Among its recent sales were Ten Post Office Square, 855 Boylston St. and 40 Broad St., all in Boston.

For Paradigm, this purchase is its first in the area in nearly a year. Last year, the company made nine commercial property acquisitions, including the 20-story office tower at 99 Summer St. in Boston for $66.5 million. The company's portfolio is focused on the Boston-Washington, DC corridor.