Seagate Completes $28M Sale of Office Complex

SHREWSBURY, MA-The sale of a 670,000-sf office complex here was an institutional play–literally. User University of Massachusetts Medical Center paid $27.5 million for 333 South St. to Seagate Holdings, a disc-drive maker who inherited the property in a 2006 takeover of rival Maxtor Corp.

The transaction reflects “a little of both” expansion for the nearby medical facility and Seagate’s desire to jettison excess real estate, the seller’s broker, Christopher Tosti, tells GlobeSt.com. Growth-minded Seagate is undertaking the approach for dozens of similarly acquired properties nationally, a strategy Tosti says is deemed a prudent investment approach. “They really needed to do this” to be fiscally responsible, he says of Seagate, which is headquartered in Scotts Valley, CA.

Tosti, who has represented the building through various ownerships along with CBRE/NE principals Robert Walles and Robert McGuire, says that Seagate will retain “a substantial presence” in the building for an unannounced term, and “pockets” of space will be available for other third-party tenants. But Tosti says he believes the intention is for UMass to ultimately employ the bulk of the two-building, interconnected complex for its own requirements. Despite its hefty size, the property is close to full right now, says Tosti.