Overlook Center Secures $25M Construction Loan

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WALTHAM, MA—The suburban office market and Greater Boston’s weather were both a lot balmier at the June groundbreaking of Overlook Center, but the developers say progress on their 106,000-sf class A building is about to heat up again after receiving $25.5 million in construction financing. Girders will be delivered by February, says Normandy Real Estate Partners principal Justin Krebs, adding he believes leasing commitments will soon follow.

“I think it will pick up very soon,” says Krebs in concurring that the suburban market has cooled after a hyperactive three quarters. As it is, he says, Normandy’s 3.5 million-sf Boston portfolio has exceeded leasing projections and Krebs reports that properties along Route 128 are entertaining proposals that could end the 2007 campaign on a positive note for that corridor. “We’re pretty happy at what we’re seeing,” says Krebs. Normandy’s assets on the loop stretch from Burlington south to Dedham. Including properties in Boston and on Interstate 495, Normandy has leased 650,000 sf to date, well above the 500,000 sf set as its annual goal.