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New Boston Reaps $21M in Asset Sale

BURLINGTON, MA-The first-class, 105,000-sf office building here at 5 Burlington Woods trades despite a difficult investment market.

By Joe Clements | Updated on February 26, 2008

BURLINGTON, MA-Yet another property trade initiated late last year has survived the recent turmoil dogging commercial real estate, as New Boston Fund completes its $21.3 million sale of 5 Burlington Woods, a three-story office building on three acres abutting Route 128. The sale of the 105,000 sf asset to ELV Associates was initially reported by GlobeSt.com in its Dec. 19, 2007 edition.

“We’re pleased with the results,” relays Jones Lang LaSalle managing director Scott Jamieson, a member of the investment sales team brokering the agreement. “It was a good, strong price reflective of the strong market.” Citing client confidentiality, Jamieson would not discuss terms, but sources acknowledged the building fetched just over $200 per sf. Jamieson represented the seller and procured the buyer along with JLL managing directors Catherine Daume, Michael Smith and Tamie Thompson, as well as SVP Gail McDonough and AVP Daniel Kollar.

Jamieson credits “a motivated buyer and seller” as one reason 5 Burlington Woods was able to reach the finish line at a time when the choppy sales climate doomed many other deals. ELV Associates president Scott Jenkins says the commitment reflects his firm’s confidence in 5 Burlington Woods and the northern tier of Route 128 in general. “With considerable growth in Burlington market rents in recent years, the property is well-positioned for value enhancement,” says Jenkins. Rents are into the $40 per sf range for select space, and other class A assets are scoring well into the $30′s per sf.

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