Flatley Takes Braintree Hill Off Sales Block

BRAINTREE, MA-Massachusetts real estate magnate Thomas Flatley has opted against selling his Braintree Hill Office Park, according to industry sources. The six-building, 500,000-sf complex had been put on the market earlier this spring along with a portfolio of retail assets. Offered separately, the retail package is under agreement.

It is unclear what prompted Flatley to make the decision to retreat on Braintree Hill, especially at a time when suburban office parks are becoming a darling among yield-starved investors. Prominent assets throughout Route 128 are being rushed onto the sales block to meet the demand, and Braintree Hill was considered among the top prospects available.

Several estimates had the park trading in the $120-million range. “That was the goal,” acknowledges one industry professional. Flatley had retained Cushman & Wakefield to sell Braintree Hill, which has six buildings located on a 24-acre expanse offering sweeping views of Downtown Boston and the Blue Hills. Rents there are estimated by one source to run between $20 per sf and $24 per sf on a gross basis.