GlobeSt.com EXCLUSIVE: Transatlantic Will Take 100 CambridgePark for $27M

CAMBRIDGE, MA-In a deal set to close by Christmas Eve, locally based Transatlantic Investment Management will acquire 100 CambridgePark Dr. from Berwind Property Group for $27 million. The sale marks the second transaction in a month for the Philadelphia-based Berwind, which bought 35 Village Rd. in Middleton in late November from Verizon for $19 million.

The sale of 100 CambridgePark is indicative of Berwind’s overall strategy of buying underperforming properties, adding value through redevelopment and aggressive leasing, and releasing them to the market. Berwind bought 100 CambridgePark in October of 1997 for $23.5 million and the building was half empty just a few years ago. The firm also acquired the Campus at Marlborough from 3Com in November 2002 for $57 million, when the occupancy rate hovered around 58%. Both buildings are at or near full occupancy now. Berwind’s 35 Village Rd. property, renamed Ferncroft Corporate Center, was 57% occupied at purchase, but last week the company leased 55,000 sf to SAS Institute to push it over 80%.