WND Capital Acquires 80,000-SF Office/Flex Building for $4M

WEYMOUTH, MA-WND Capital Partners LLC purchased 90 Libbey Parkway, an 80,000-sf building, for $3.9 million or $49 per sf. The Boston-based private equity firm acquired the property from Glenborough Realty Trust, a San Mateo, CA-based REIT.

The building, which is comprised of 70% office space and 30% flex space, was previously fully occupied by Fisher Pierce. The company left the building over a year ago and the building has remained vacant since. Michael X. Garrity, a partner in WND Capital, tells GlobeSt.com that, as opposed to Glenborough which was looking for another single tenant, the firm plans to multitenant the building. He says that enables the firm to spread out its risk and diversify in terms of its tenant base. “We are exploring both medical and office tenants.”

The Weymouth market encompasses South Shore Hospital, which has increased the demand for medical space in the area. WND owns the nearby Stetson Place, an 110,000-sf medical building at 541 Main St. The building, which the firm purchased in May 2003, is nearly fully leased to approximately 24 tenants.