$39-billion acquisition

Calls to HBM principal Donald Oldmixon and the company's real estate consultant, Chip Batchelder of Wyman Street Advisors, were not returned by press deadline. Nonetheless, sources insist the deal has been completed. "It's theirs," one tells GlobeSt.com, adding that the new ownership will likely renovate the asset into modern office space. The property had been owned at one time by Hewlett Packard Co.

"It's basically a tear-down and rebuild," assessed one broker familiar with 175 Wyman St. The source could not estimate the amount of capital that will be required to be competitive in Waltham's high-end office market, but predicted that HBM will be able to make the undertaking a success, citing both their local knowledge of Waltham and past development experience. Affiliated with FM Global Investors, HBM operates the Hobbs Brook Office Park in Waltham and also constructed two office buildings in Wakefield during the last building boom.

Jones Lang LaSalle negotiated the sale on behalf of the Blackstone Group. Calls to members of its investment sales team were not returned. Sources say they believe JLL also brought HBM to the deal. If the agreement has been consummated, it would have meant a rapid due diligence period of perhaps a week or less. That should not be a concern to HBM, says one source, because, "they probably know the building better than the seller" given the close proximity to HBM's headquarters at Hobbs Brook Office Park.