700,000-SF Office Campus Goes on the Block

NASHUA, NH-A 700,000-sf corporate campus owned by Hewlett Packard Corp. is the latest suburban office property being cast upon the investment waters, with industry sources telling GlobeSt.com that the technology company is seeking a buyer. “It’s a big one,” says a commercial investment broker who claims that Hewlett Packard is aiming for upwards of $50 million for 110 Spit Brook Rd., an 88-acre park located right off Exit 1 of Route 3.

Hewlett Packard reportedly has tabbed Cushman & Wakefield of Massachusetts to handle the assignment through the real estate services firm’s Middle Markets Group. C&W of Massachusetts president Robert Griffin was unavailable for comment, while calls to Hewlett Packard at its corporate headquarters in Palo Alto, CA, were not returned by press deadline. Nonetheless, sources insist that 110 Spit Brook Rd. is on the market, with one stating that Hewlett Packard will continue to occupy a portion of the office space. Another section of the parcel could be carved out for residential, maintains the source, who is familiar with the park.

“It’s absolutely beautiful,” says the observer, predicting, “It will get a ton of interest.” As in most cases of late, the property is likely to be listed sans an asking price, but the source predicted a sale in the range of $45 million to $50 million, with the amount of space Hewlett Packard would occupy being one factor. There are three buildings dating back to the early 1980s, according to the broker, who explains the park was previously owned by Digital Equipment Corp. and then Compaq Computer prior to that firm’s takeover by Hewlett Packard. Some of the 770,000 sf is occupied by third-party tenants, and more space is available, according to listings on C&W’s website.