Intercontinental Buys Into Hot Suburban Market

WALTHAM, MA-A modest but well-located office building here is being acquired by Intercontinental Real Estate Corp., with the Brighton-based firm said to be paying just under $14 million for Somerset Court. The 68,000-sf structure at 281 Winter St. is being sold by Invesco Real Estate of Dallas, which has owned the building since 2001.

“That would be correct,” one source tells GlobeSt.com in acknowledging that Intercontinental has emerged victorious in a spirited bidding competition. The asset was marketed by the Boston investment team at Cushman & Wakefield. Brokers there declined comment on the matter, and calls to Invesco and Intercontinental officials were not immediately returned. The sale is slated to sometime this week, according to sources.