Office Park Could Fetch $67M

BURLINGTON, MA-A Boston real estate firm has been selected as the winning bidder for the Burlington Woods Office Park, according to industry sources. The three-building, 288,953-sf complex is said to be trading for roughly $65 million, and could fetch as much as $67 million.

“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.