Griffith, Urdang Complete $67M Purchase

BURLINGTON, MA—Culminating a super-heated bidding war, a local real estate investor and Pennsylvania investment advisor have teamed up to buy a trio of buildings in the Burlington Woods Office Park. Boston-based Griffith Properties LLC and Urdang Capital Management paid $66.5 million for the package, which encompasses 289,000 sf.

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.