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Normandy Storms North Into Burlington

BURLINGTON, MA-Having already acquired a large portfolio throughout suburban Boston, the firm supposedly wins a bidding war for a class A, four-story office building.

By Joe Clements | Updated on March 15, 2007

BURLINGTON, MA-At 4 Van de Graaf Dr., what’s inside really does count, as evidenced via a spirited pursuit for the distinctive 100,000-sf office building. Sources claim Normandy Real Estate Partners has secured the six-year-old asset, agreeing to pay more than $30 million and perhaps upwards of $320 per sf.

“Normandy has it,” insists one source. “Yes they are” the winning bidder, another source seconds. Calls to both Normandy at their New Jersey headquarters and 4 Van de Graaf Dr.’s brokers at Jones Lang LaSalle’s Capital Markets Group in Boston were not returned by deadline.

Easily eclipsing normal levels for trades on the northern tier of Route 128, the ardor is not simply a reflection of the manic capital market. According to those familiar with the building’s financials, the prize lies in a long-term commitment from BAE Systems, a technology firm that leased 4 Van de Graaf Dr. in 2001 just as the then-speculative project was coming online. The cost of bringing the work force together from nearby Maynard and Cambridge was a deal that has reportedly escalated to $48 per sf.

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