Instrumentation Laboratory is a tenant at the adjacent 101 and 113 Hartwell Ave., the latter of which was owned by Gateside Corp. through affiliate Gateside Lexington LLC. The Rye, NY-based firm had held a stake in 113 Hartwell Ave. for nearly 20 years. Efforts to contact company officials by press deadline were unsuccessful, keeping unanswered the question of whether the sale was prompted by Instrumentation's pending departure, a notion advanced by one observer familiar with the property. "It's going to take some work" to reposition the asset, says the broker, maintaining that Gateside opted to hand that chore over to another investor.

Gateside also owns 5 Chrysler Rd. in Natick. It is unclear whether the firm has any other Massachusetts holdings. Gateside has ventured into various asset classes over the years throughout the northeast, including industrial, multifamily and office.

Neelon is focused on the Route 128 Central strip that includes its flagship asset in Waltham, Overlook Center, where the firm and Normandy Real Estate Partners are constructing one of suburban Boston's newest office buildings, the six-story, 105,000-sf Overlook Center. Based in Waltham, located just a few miles south of Lexington, Neelon has been on a bit of a buying spree lately, having also this year acquired 2 Liberty Sq. in downtown Boston in partnership with AEW. The $23-million sale of that 11-story, 60,000 sf office building was first reported by GlobeSt.com on July 26th.

The 113 Hartwell Ave. building, meanwhile, would seem to be a classic value-added opportunity that could lead to either a gut renovation or possibly a demolition strategy similar to that pursued at Overlook Center, where the new building will replace another owned there by Neelon for decades. The non-descript, single-story 113 Hartwell Ave. is badly in need of upgrading, according to one broker who nonetheless maintains the prominent location will draw interest from tenants. Situated just off Route 128, Hartwell Avenue feeds into the Hanscom Air Force Base a few hundred yards from Neelon's new investment. Hartwell Avenue is home to numerous corporations and life sciences firms, mostly housed in single-story flex/office buildings similar to 113 Hartwell Ave.

Instrumentation Laboratory has been at the property for nearly 30 years, but opted two years ago to relocate three miles away at 180 Hartwell Rd. in Bedford. The migration was delayed when a dispute with the landlord of the Bedford asset led to a lawsuit, followed by the sale this summer to Instrumentation Laboratory for $30 million as a way to end the legal battles. The firm is now preparing to relocate.