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NBF Puts 5 Burlington Woods on Sales Block

BURLINGTON, MA-The three-story, 104,000-sf building is in the heart of the rapidly improving Route 128 North office market.

By Joe Clements | Updated on September 14, 2007

BURLINGTON, MA-Yet another office building lining Route 128 is being put on the market for sale, as New Boston Fund has opted to peddle 5 Burlington Woods. Jones Lang LaSalle has been retained as listing agent for the 104,000-sf building. The asset abuts the three-building Burlington Woods Office Park that JLL had a hand in selling earlier this year on behalf of the original developer, Finard Properties LLC.

“It’s definitely out there,” one source tells GlobeSt.com, although calls to JLL were not returned by press deadline. An asking price is not being tendered, according to brokers tracking the process, but some say the rate could exceed $200 per sf given recent improvements to the Route 128 North submarket. At that level, the three-story building would trade in the $21 million range. NBF bought 5 Burlington Woods in July 2001 for $18 million.

Constructed in 1982, 5 Burlington Woods has an occupancy rate of 91%, with tenants including Atex Media Solutions; Fay, Spofford & Thorndike; and Forum Systems. One of the region’s top architectural and engineering firms, Fay, Spofford is the largest of the tenants at 5 Burlington Woods, occupying approximately 40,000 sf. JLL is also leasing broker for the property.

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