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New Boston Fund Acquires Building

BURLINGTON, MA-New Boston Fund, Inc. purchases Five Burlington Woods here from Lend Lease Real Estate Investments. The three-story, 106,000-sf building was sold for $18 million or $175 per sf, indicating that safe acquisitions in this area are still being sought after.

By Naomi Grossman | Updated on September 17, 2001

BURLINGTON, MA-This area of suburban Boston, near Route 128, is starting to show some signs of life with the recent sale of a 106,000-sf building at Five Burlington Woods Drive to New Boston Fund, Inc. The three-story building was sold by Lend Lease Real Estate Investments.

Paul Stevens of Lend Lease confirms for GlobeSt.com that the property, which Finard & Co. developed in 1982, was sold. Roberto Magno, an analyst in the acquisitions group at New Boston Fund tells GlobeSt.com that the selling price was $18 million or $175 per sf, which, he notes, “is on the low end of the scale.” Magno points outs that, given the current economic times, this purchase was a safe acquisition. “It has no rollover, good credit and solid returns,” he says. The building is 97% leased with its largest tenant, the engineering firm Fay Spofford & Thorndike taking up 50% of the building. Magno adds that his company is always looking for acquisitions in this area. “We’re a Boston-based firm,” he says, “and this is a great market.”

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