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Everest Partners Acquires Nine Buildings for $38M

DANVERS, MA-Everest Partners purchases nine buildings totaling 530,000 sf and located throughout the Greater Boston area from the New Boston Fund and the Archon Group for $38 million.

By Naomi Grossman | Updated on March 09, 2004

DANVERS, MA-Everest Partners LLC acquired nine buildings totaling 530,000 sf from the New Boston Fund and the Archon Group for $38 million. The portfolio consists of office and flex buildings north of Boston at 255, 261 & 265 Ballardvale Street and 5 & 10 Cornell Place in Wilmington, MA., 700/900 Technology Park in Billerica, the Lowell Research Center at 847 Rogers Street in Lowell, and 9 Townsend West in Nashua, NH.

The principal brokers in the transaction were Peter Joseph, Jim McCaffrey and Chris Phaneuf of Trammel Crow Co. with assistance from Scott Jamieson of Spaulding & Slye Colliers and Anthony Biette of Meredith & Grew. The financing was placed by Mike Marcone of Sentivany & Marcone with PNC Bank, NA of Kansas City.

Steve McDonnell, regional manager of Everest Partners tells, tells GlobeSt.com that the portfolio is approximately 87% leased. Among the tenants in the nine buildings are EMC, Federal Express, Titan Systems Corp. and Charles River Laboratories. “All of these buildings are well tenanted with immediate access to principle traffic arteries along route I93, route 3 and I 495. It is a well-timed acquisition balancing the Everest Partners, LLC portfolio both in product type and geographical reach,” says McDonnell.

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