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Former Reebok HQ Trades for $46M

STOUGHTON, MA-The imposing six-story building fetches $45.5 million for Digital Realty Trust, which bought the asset for $38.1 million in February 2004.

By Joe Clements | Updated on March 21, 2007

STOUGHTON, MA-The former headquarters of footwear giant Reebok has been sold to a Boston real estate investor, HN Gorin Inc. Totaling 197,000 sf of class A office space, 100 Technology Center Dr. traded for $45.5 million.

“It’s a really fine piece of property,” principal Rosalind Gorin tells GlobeSt.com after her company beat out several competitors for the stabilized asset. The seller was Digital Realty Trust, which had owned the six-story brick-and-glass building since buying it for $38.1 million in February 2004.

At $230 per sf, the sale price is a bit on the high side for the product type, but broker Gary Lemire of CB Richard Ellis says the combination of 100 Technology Center Dr.’s quality construction and location near the critical interchange of Interstate 93 and Route 24 puts the asset in a special class. “It is one of the top suburban office buildings available and is fully leased to a strong credit tenant,” says the CBRE principal, referring to the Shaw Group. “We had a lot of interest.”

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