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BURLINGTON, MA-GE Real Estate has provided a $55.5-million loan facilitating the purchase of the Burlington Woods Office Park. The three-building, 288,000-sf campus is now owned by a joint venture of Urdang Capital Management and Griffith Properties LLC.

"GE recognizes the potential of this well-located property and was a collaborative, accommodating partner throughout the transaction process," says J. Brad Griffith, a Boston-based real estate veteran active throughout the suburban market and known for repositioning older properties into modern office and flex space along Route 128. The owners paid $66 million for the complex, a transaction initially reported by GlobeSt.com this summer.

David Cohen, GE's managing director for the northeast, says the combination of "easy access and great visibility" from Route 128 convinced the company to pursue the Burlington Woods deal. The commitment even survived the shaky credit market and the prospect of two substantial leases expiring this year. On the latter matter, GE maintains that sharply rising rents along the Burlington corridor could result in upside as space frees up, a prospect Griffith and Urdang envisioned in outbidding a roster of national competitors when the building was put on the market by Jones Lang LaSalle this summer. A mix of industries is represented in the current tenant roster of 18 companies that gives the park a current occupancy rate of 92%.