GlobeSt.com first reported in mid-May that the partnership had beat out a bevy of nationally known real estate investors, but company officials declined to acknowledge as much until after last week's closing. "We're thrilled," Griffith principal Tod Brainard tells GlobeSt.com in the aftermath. "We think it's a fantastic asset and certainly a great location."

Built between 1980 and 1984, One, Two and Three Burlington Woods are among the older buildings in the submarket, and Brainard says a renovation program is already in the works. The age did not seem to intimidate suitors for the three buildings, which are situated on a 17.3-acre parcel fronting Route 128. "It was a very aggressive bidding process," concurs Brainard, with sources claiming others chasing the deal included AEW Capital Management, BPG Ltd. and Divco West. Jones Lang LaSalle, which negotiated for the sellers and procured the buyer, did not return calls to discuss the outcome or the sales campaign.

Brainard described the purchase as "fully priced," a result necessary given the clamor of capital, but he also maintains rental rates in the complex have room for growth. The ownership is especially excited about an 80,000-sf block of space available immediately. "Having that much contiguous space is a rare commodity in Burlington right now," says Brainard, with the recession that has lingered since the early part of the decade finally making way for a suddenly surging economy both in Boston and the suburbs. A lack of inventory, plus the limits on future supply due to higher construction costs, are leading developers to embrace existing buildings, especially those as well located as Burlington Woods Office Park.