"That is my understanding," one source tells GlobeSt.com of reports that Griffith Properties LLC has bested several competitors and may have a financial partner already in tow. "It's them," insists another. If the decision has been made, the outcome would conclude a brisk sales process run by Jones Lang LaSalle's Boston investment group that was conducted in barely two months.
The namesake of Griffith Properties is J. Brad Griffith, a pioneer in developing office space in Metropolitan Boston whose firm is already repositioning another older complex just a few miles from Burlington Woods in Wilmington. Griffith acquired that asset at 200 Ballardvale St. in 2004, paying $20 million. While Griffith has been tabbed as the buyer of Burlington Woods, it is unclear whether a purchase-and-sales agreement has been inked, but sources opined that would be done swiftly given the eager suitors waiting in the wings.
Calls to J. Brad Griffith were not returned by press deadline, while JLL officials declined comment on the status, citing confidentiality agreements.
Owned by Finard Properties LLC, Burlington Woods drew substantial interest, attracting such well-financed firms as BPG Ltd., Divco Properties, New Hampshire-based Carlisle Capital and AEW Capital Management of Boston. Brokers involved in the sale are Scott Jamieson, Cappe Daume, Michael Smith, Gail McDonough and analyst Sean Keaney. Whether the owners did achieve the $67-million mark is unclear, but sources say pricing was in the mid-$60-million range when the finalists were winnowed out in the past few weeks.
The three buildings are a bit aged compared to nearby offerings, but observers claim Burlington Woods has a timeless location, one engendered by being among suburban Boston's first office parks when developed beginning in 1980 by Finard & Co. As GlobeSt.com reported when the asset initially went on the market in March, Finard & Co. founder William Finard and son Todd Finard left that company this year to form Finard Properties LLC. Finard & Co. was renamed KeyPoint Partners LLC. Both new companies are located in the park, which is adjacent to Routes 3A and 128 and a short distance to Interstate 93.
Burlington Woods was at 91% occupancy when put on the market. The complex has a strong tenant roster that includes H&R Block, Symantec, and Soundbite Communications. Color Kinetics is relocating to the property from Boston, a move some brokers say could become more commonplace as downtown rents escalate to new levels. One Burlington Woods is a 114,000-sf building at 76% occupancy, the 27,000-sf 2 Burlington Woods is full, and 91% of Three Burlington Woods is occupied. The latter property is the park's largest at 148,000 sf.
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