"We knew it was an asset that was very attractive to tenants," KBS senior vice president Shannon Hill, tells GlobeSt.com, noting that the firm owned the 92% leased, three-story class A office property for several years in the 1990s as part of a KBS commingled real estate fund. The property was sold in 2000 to Kennedy Associates Real Estate Counsel LP, of Seattle, which sold the building back to KBS.
The property, which sits on almost 37 acres near the junction of Route 2 and Route 495 in Boxborough, is part of the two building Tech Center at Boxborough. Among its amenities are a 125-seat cafeteria and on-site fitness facilities.
The acquisition was the second Massachusetts buy for KBS in the past two weeks. Earlier this month, a real estate investment trust affiliated with the firm paid $28.8 million to Cabot & Forbes of New England Inc. and Commonfund Realty Inc. to take ownership of 825 University Ave., a 166,574-sf, fully leased class A office and R&D building in Norwood.
KBS also owns One Research Dr. and Westboro Executive Park, both in Westborough, 725 Concord Ave. in Cambridge, and the nine building Nagog Office Park in Acton.
Richard Herlihy, with Richards Barry Joyce & Partners, represented the seller.
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