BPG Seen as Buyer for Westborough Office Park

WESTBOROUGH, MA-A Pennsylvania-based real estate investment group has reportedly beat out a field of competitors for the Westborough Office Park, a four-building, 153-acre property located near the junction of Routes 9 and Interstate 495. BPG Ltd. is now trying to finalize the deal for the complex, which is owned by an affiliate of General Investment & Development Co..

BPG acquisitions specialist Albert Corr declined comment on the matter when contacted by GlobeSt.com, relaying that he could “neither confirm nor deny” reports that the firm has emerged victorious. A broker handling the sale, Catherine Daume of Jones Lang LaSalle, says the property is “under agreement,” but would not discuss the buyer or other details, including the sales price. Some reports put the figure above $65 million, although no exact figure could be determined. Nonetheless, sources insist that BPG is the suitor trying to put the finishing touches on the deal.

BPG has been pursuing investment opportunities in Massachusetts after selling off a number of local properties in the past two years, including the 3Com corporate campus in Marlborough, 1210-1230 Washington St. in Newton and two properties on Ballardvale Avenue in Wilmington. Befitting the company’s hands-on approach, BPG was able to reposition each asset during its tenure prior to selling them at substantial profits. After buying 3Com in 2002 for $58 million, for example, the 125-acre, 540,000-sf property traded for $135 million last September.