Divco West Taking Suburban Office Building

BEDFORD, MA-Headlined by the pending sale of 100 Crosby Dr. to Divco West Group LLC, this tech-saturated suburb is enjoying a quick start to the second quarter. Leasing activity is brisk enough that the new owners of 201 Burlington Rd. say they will speculatively redevelop 50,000 sf of space to first class caliber, while a report from GVA Williams puts the vacancy rate on Route 128 at 12%, the lowest since 2001.

“The market gets better every day,” says Meredith & Grew SVP Matt Daniels. “We’re obviously in a recovery.”

Sources could not say exactly how much Divco is paying to secure the four-story, 285,000-sf office building, but insist the asset is under agreement and is expected to close within the next few weeks. Based in San Francisco, Divco is a private real estate investment firm specializing in technology-focused markets such as Austin, TX, San Francisco and Silicon Valley. Built in 1982, 100 Crosby Dr. was anchored by Computervision Corp. through the 1990s, but is now a multi-tenanted property leased to such firms as By Appointment Only, InteQ and MRO Software. Eastdil Secured’s Boston office is reportedly handling the sale for the ownership, United Trust Fund of Miami, but calls to the brokers were not returned by press deadline.