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Transwestern Investment Enters Area With 278,000-SF Acquisition

WALTHAM, MA-Cornerstone Real Estate Advisers sells Two and Three University Office Park to Aslan Realty Partners II LP, a $680-million fund sponsored by Transwestern Investment Co. This is the Chicago-based company's first acquisition in the area.

By Naomi Grossman | Updated on May 17, 2004

WALTHAM, MA-Cornerstone Real Estate Advisers Inc. is selling Two and Three University Office Park to Aslan Realty Partners II LP, a $680-million fund sponsored by Chicago-based Transwestern Investment Co. Financial details of the deal were not disclosed. Kevin Hites of Transwestern notes that the firm has been pursuing investment opportunities in the Boston area over the past several years. “We feel that we can add a good deal of value to the project through a proactive leasing and management program as the market recovers.”

Elizabeth Carrillo Thomas and Phil Giunta of CB Richard Ellis/Whittier Partners represented Cornerstone Real Estate in the transaction and procured the buyer. CB Richard Ellis/Whittier Partners was also retained to lease and manage the two-building, 278,000-sf complex.

The complex is currently 75% leased and includes two, six-story office buildings with an attached two-story, 183-space parking deck located on Sawyer Road in the Route 128 corridor, next to Brandeis University. The buildings were developed by locally based Vazza Associates on land owned by Brandeis.

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