Leading this initiative will be Patrick Connell, the firm's newly named vice president of asset management for the Mid-Atlantic region, based in the Tysons Corner office. "We are now actively pursuing a diversified investment strategy, focusing on both acquisitions, JV and development across all asset classes," he tells GlobeSt.com. The New Boston Fund hopes to fill a senior development position as well. "That will solidify our commitment to the Mid-Atlantic and DC markets."
"We are looking for someone on the ground who knows these markets thoroughly." As for potential acquisitions, he says, the company is looking for value-add opportunities such as buying vacancies for repositioning, for instance.
New Boston Fund entered the DC market with the development of Virginia Square Plaza, an office building located at 3811 North Fairfax Drive in Arlington, Va.. It later sold the building to Principal Financial Group for $51.8 million in 2003.
Last month, it sold another property, 2000 Corporate Ridge, a McLean, Va.-based 256,022 sf office building to Stephen A. Goldberg Co. New Boston Fund, whose roots are in development work, is currently partnering with Realty Capital Partners, LLC in the development of Parkstone Place, a 76,400 sf, class A office building, also in northern Virginia.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
