The property, known as the Campus at Marlborough, is widely acknowledged as one of the premier corporate campuses in the Boston area and has 531,980 sf of fully leased, class A space along with the potential for 670,000 sf of future development.
"We initially approached the process looking for a joint venture partner but what came out of the marketing process was someone who wanted to own the property outright and was going to pay us a handsome profit to do so," John Brogan, a vice president with BPG Properties, Ltd, the Philadelphia-based seller, tells GlobeSt.com.
Brogan says more than 10 institutional investors made offers on the Marlborough campus, located off Route 495 and is less than four miles from the Massachusetts Turnpike.
"Given its history as a corporate headquarters that was built specifically for a high-tech user, the Campus at Marlborough stands head and shoulders above its competitive tier," says Rob Griffin, with Cushman & Wakefield's Boston office, which marketed the property. "The market has responded quite well to the quality and presence of the Campus at Marlborough, most evident in the park's 100% occupancy by some of the premier tenants in the region."
Originally developed in 1999 as the headquarters for 3Com, the property was sold to BPG Properties in 2002. At the time, its only tenant was 3Com, which occupied just one-third of the site's space, says Brogan, who leased up more than 400,000 sf of vacant space at a time when the market in Marlborough was had a 30% vacancy rate. Today, the building is fully rented under long-term leases to 3Com, the investment management firm Wellington Management Co., biotech company Exact Sciences and Cytyc, a medical device maker.
"The adage 'quality sells' was the reason for our success in both attracting tenants in a period when the market was depressed and finding a large number of buyers who were interested in the property," notes Brogan.
Eaton Vance, one of the oldest financial services firms in the US, did not return calls from GlobeSt.com seeking comment. Griffin, along with Edward C. Maher, Jr., Marci Griffith Loeber, Richard E. Putprush and Kevin J. Hanna, all with Cushman & Wakefield, exclusively represented the seller and procured the buyer in the transaction.
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