NPV/Direct Invest, LLC beat out several other contenders with its high priced offer to pick up 2 & 3 University Office Park here from Chicago-based Transwestern Investment Co., LLC after just four weeks on the market, Elizabeth Carrillo Thomas, with Cushman & Wakefield's Capital Markets Group, tells GlobeSt.com. Transwestern, which has owned the buildings since 2004, paid more than $40 million for both assets, according to records on file with the Middlesex County Registry of Deeds.
"There was significant interest in the property," says Thomas, noting that the buildings' prime Waltham location at 51 and 95 Sawyer Rd. combined with the high demand for investment properties brought out a number of potential buyers.
"The location is choice for many investors because of the proximity to Boston and the critical mass of class A product in the area," she adds, noting that the buildings, which total 288,127 sf, have historically kept a nearly full slate of tenants because of their easy access to highways and public transportation. Situated adjacent to Brandeis University and just off Route 128 and the Massachusetts Turnpike, the property is part of the three-building University Office Park.
The buildings are currently about 98% leased to a diverse group of tenants that includes companies such as Hilton Hotels, LifePlans, Integrity Interactive, Inverness Medical Innovations, NetCracker Technology, Cerner DHT and UpToDate, Thomas says. A ground lease on the site, whose ultimate owner is Brandeis, still has about 70 years remaining, she notes.
Amenities at the office park include a fitness center, cafeteria, nearby commuter rail access and a location adjacent to the Charles River Reservation with its walking and biking paths.
NVP/Direct Invest declined to comment on the acquisition. The transaction was arranged for the seller by Thomas and Robert E. Griffin, Jr., Edward C. Maher, Jr., and Marci Griffith Loeber, all with Cushman & Wakefield's Capital Markets Group. Team members also procured the buyer in the deal.
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