Search
 

Lexington Corporate Ctr. Trades for Nearly $50M

LEXINGTON, MA-In less than a year, Normandy Real Estate Partners has acquired 1.4 million sf of real estate in Massachusetts.

By Beverly Ford | Updated on August 14, 2006

LEXINGTON, MA-Normandy Real Estate Partners is making good on its vow to become a major player in the Boston market. The Morristown, NJ-based firm has acquired 1.4 million sf of real estate in Massachusetts since December, including the $47.5-million acquisition of the Lexington Corporate Center, which Normandy closed on just days ago.

“We’ve made our stamp on the market and I think we’ll continue to do so,” says Justin Krebs, a principal at Normandy, adding that the company plans to invest another $600 million in the Boston market over the next two years.

The company’s latest buy, the 285,000-sf, 19.4 acre Lexington campus, was a coupe of sorts, acquired in an off-market deal with seller Essex River Ventures LLC, which had just put the four-building property on the market with The Trammell Crow Co. At least 90 requests for confidentiality agreements had already been signed on the property, Krebs says, when Normandy asked to put in an offer. Essex River Ventures, which bought the Lexington campus three years ago for $35.3 million, agreed to Normandy’s request and a deal was struck.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.