The class A site was purchased from Nashoba View Associates, a partnership between the Chiofaro Co. and the AFL-CIO in a transaction that gives the new owner an asset with a lease that stretches to 2017. Jeff Gilder, vice president of acquisitions for Wells, tells GlobeSt.com that the property, located at One and Four Robbins Rd., fits the REIT's investment strategy of buying quality real estate with long-term leases in place. Gilder says the acquisition, which went on the market about 90 days ago, drew between five and eight bidders but it was Wells' prior relationship with the previous owner and commitment to close on the transaction that helped seal the deal.

The property is comprised of a three-story building totaling more than 298,000 sf and a two-story building consisting of 160,000 sf that was renovated in 2002. Both are part of a 95-acre campus overlooking the Nashoba Valley Ski Area north of Boston. The campus includes picnic areas along with jogging paths that are connected to a regional trail system and has amenities that include a full-service cafeteria and fitness and training centers.

The two-building corporate center is one of seven properties owned by Wells in Massachusetts. The REIT also manages other properties in the Bay State and has ownership interests in 26 properties in 14 states and the District of Columbia that total $1 billion and cover 7.5 million sf. Gilder says Wells is currently considering three other properties in the Boston area. Wells was self represented in the acquisition transaction by Gilder and Heather Griner. The property's former owners were assisted by Glenn Whitmore and Riaz Cassum of Holliday Fenoglio Fowler LP.