Rick Wakeman, vice president of First General, tells GlobeSt.com that the 451 Andover Rd. and 203 Turnpike St. buildings' prime locations and top-notch tenants, made the campus-like property an appealing buy.
"It's an outstanding location and a quality asset," says Wakeman, adding that the firm made "a pretty aggressive" play for the building, taking it off the market almost immediately.
Located opposite Merrimack College at the junction of Route 114 and Routes 125 and 133, and just a half mile from both Routes 495 and Interstate 93, the four-story buildings are 94% occupied by a variety of medical, office and retail tenants, including Liberty Mutual Insurance and TD Banknorth.
Wakeman says the asset meshes nicely with its other holdings, including First General's corporate headquarters at Piccadilly Square on Union Street in Newton. "We have a lot of medical tenants in [Piccadilly Square] so we understand the market well," he says. First General, which has about one million sf of holdings throughout New England, is also one of four developers chosen to develop the Bulfinch Triangle area in Boston.
There are currently no immediate plans to upgrade the property, which has been extensively maintained and updated by the previous owner, Franklin Street Properties.
The office park was marketed for the seller, FSP North Andover Office Park, by Cappy Daume, Michael Smith, Scott Jamieson and Gail McDonough, all with Jones Lang LaSalle. The team also procured the buyer. Jones Lang LaSalle's Stephen Baldini served as financial analyst for the transaction.
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