"The building was acquired in an effort to expand Bulfinch's central 128 portfolio," says a spokesperson with the Needham-based buyer tells GlobeSt.com. "We felt it was an excellent area and that this building would be an excellent addition to the portfolio."
The building, which sits atop a hill just off Boston's main suburban beltway, offers tenants sweeping views of the surrounding area and easy access to both highways and area amenities. Among its strong roster of tenants are the insurance firms, Mass Mutual and Liberty Mutual, and Wells Fargo Bank along with film distributor EchoBridge Entertainment.
Two weeks ago, Bulfinch acquired 60 First Ave., a fully-occupied office building set on nearly four acres in Waltham. It plans to redevelop the property for office, biotech or retail use. That purchase was the company's second in Waltham this year and its fourth office acquisition since August in Boston's suburban market. In March, Bulfinch picked up 65,000 sf at 1560 Tapelo Rd. in Waltham, which it is currently redeveloping as the Trapelo Corporate Center.
The firm acquired its first Framingham asset in September, paying $3.7 million to buy a 31,668-sf office building at 50 Speen St. In August, the company paid $3.3 million for its third Cambridge property when it picked up an 18,394-sf office and retail building at 114-116 Mt. Auburn St.
Bulfinch also owns the 45,312-sf, two-story Needham Corporate Center, First Needham Place, a 73,000-sf office building at 250 First Ave., Crawford Place, a 44,357-sf building at 15-19 Crawford Place and a 30,000-sf single story office building at 100-124 Second Ave., all in its hometown of Needham. The firm's portfolio includes 16 other holdings in Providence, RI; Boston and the suburbs.
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