Griffith, Urdang Buy 200,000-SF Office Building

QUINCY, MA-A 10-story, 200,000-sf building “off the radar screen” as a leasing option for two decades is resurfacing upon its acquisition by Griffith Properties and a client of Urdang Capital Management. Being emptied by sole tenant Blue Cross Blue Shield following 20 years residency, 100 Hancock St. will be renovated and positioned as a multi-tenanted office complex called HarborSouth Tower, says new owner J. Brad Griffith, founder of Boston-based Griffith Properties. A subsidiary of the Bank of New York, Urdang manages private equity and real estate portfolios including CMBS on behalf of institutional investors.

Divested by a local partnership, 100 Hancock St. traded for just over $17 million. CBRE Melody managing director Frank Petz arranged a $27.5-million package from Capmark Finance Inc. to fuel the purchase plus a renovation and marketing program. The sale was orchestrated by CBRE/New England’s Boston investment team, led by principal Gary Lemire and colleagues Chris Angelone, Andrew Majewski and Phil Giunta. CBRE/New England has been retained as leasing agent, with Majewski at the helm, Griffith also says.