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Office Building Sells for $11.5M

WALTHAM, MA-In a deal that demonstrates the city's continued appeal to investors, a partnership buys 265 Winter St., a 89,497-sf office building, for $11.5 million.

By Naomi Grossman | Updated on September 15, 2003

WALTHAM, MA-In a deal that the brokers involved say demonstrates the market’s continued appeal to investors, a partnership buys 265 Winter St., a 89,497-sf office building, for $11.5 million. Lease rates for this building were not available, but the average asking rent for office space in the area is about $25 per sf.

A client advised by LaSalle Investment Management sold the property to a partnership led by the Cresset Group along with partners Hennessey Enterprises and Rye Development. Elizabeth Carrillo Thomas and Philip Giunta of CB Richard Ellis/Whittier Partners represented the seller and procured the buyer.

The transaction included the restructuring of a lease with the existing tenant, GiantLoop, which Thomas tells GlobeSt.com, used to lease the entire building. As part of the transaction Giant Loop reduced its lease to two floors or about half of the building. Cresset Group brought in the other tenants of the building–Ski Market, IM Logic and Summit Services–during the transaction. The building is now about 90% leased.

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