"It's a significant step for the Nordblom Co.," VP Greg Anderson says in acknowledging that the real estate firm has closed on the eight-building asset, located adjacent to Nordblom's 140-acre Northwest Park. In a related action, Sun Microsystems has inked a lengthy leaseback commitment for 450,000 sf, providing a measure of stability as remaining space is repositioned to accommodate multiple tenants. The sales process had generated considerable speculation about how large a presence Sun would retain, and the final outcome was on the high end of industry estimates.

Not only is the commitment a boon to Burlington, the leaseback by the Santa Clara, CA-based technology firm was "very appealing" to Nordblom, says Anderson, helping justify the pricing paid to secure the property. The aggressive bid was needed to beat back a tide of competition, with several firms said to have eclipsed the $200-million level. Brokers for the deal at Jones Lang LaSalle did not provide specifics, but managing director Michael Smith characterized investor interest as "amazing," especially given the complexities of the deal such as the leaseback component.

"This once again underscores the depth of global capital focused on the Boston marketplace," relays Smith, whose investment sales team included managing director Cappy Daume and SVPs Scott Jamieson and Gail McDonough. JLL's investment sales division has brokered several regional office transactions already this year, including the $67-million sale of the Burlington Woods Office Park to Griffith Properties LLC and Urdang Capital Management, a deal first reported by GlobeSt.com in June.