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JV Picks Up Mixed-Use Campus

WAYLAND, MA-A joint venture comprised of Boston-based Congress Group and New York City-based Praedium Group acquires the 407,938-sf office/R&D campus.

By Barbara Jarvie | Updated on October 07, 2004

WAYLAND, MA-A joint venture acquired a former Raytheon Co. site that offers 407,938 sf of office/R&D space in this Boston suburb for $16.5 million. The Wayland Business Center, which is a two-story office building and a 10,400-sf out parcel structure, was purchased by a joint venture of Boston-based Congress Group and New York-based Praedium Group from Credit Suisse First Boston.

Cushman & Wakefield of Massachusetts’ Financial Services Group of Robert E. Griffin, Jr., Edward C. Maher, Jr., Marci Griffith Loeber and Jeffrey H. Gates exclusively represented the seller and procured the buyer. The joint venture has retained C&W’s leasing team of Kevin J. Hanna , JR McDonald and Meghan Clark to oversee the leasing campaign for the center.

“This transaction is a perfect example of the pent-up demand for opportunistic investment plays in some of the nation’s most densely built-out areas,” explains Loeber, who is an executive director at Cushman. “It possesses the real estate fundamentals that investors require before making a commitment of this size: in-fill location, inherent building quality and positive market dynamics.”

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