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Investor Pays $39M for Two Office Assets

WALTHAM, MA-A Boston investor takes over the leased fee interest on two six-story office buildings here. The deal gives the new owner two class A office properties with about 70 years remaining on their ground lease.

By Beverly Ford | Updated on September 20, 2006

WALTHAM, MA-The leased fee interest in two six-story office buildings located adjacent to the Brandeis University campus have been sold to a Boston investment group for $39 million. The deal gives the new owner two class A, nearly fully leased properties with about 70 years still remaining on their ground lease.

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.

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