Sixty Wells Sells After 38-Year Run

NEWTON, MA-A wizened veteran of the suburban Boston office market is about to get a new lease on life thanks to its planned upgrade by a new ownership group. An affiliate of Intrum Corp. paid $5.6 million for 60 Wells Ave., a single-story, 32,000-sf building situated in the Wells Avenue Office Park.

According to Grubb & Ellis senior advisor and leasing broker R. Patrick Carey, Wells 60 Realty LLC aims to deliver a level of quality sufficient to make 60 Wells Ave. “the premier boutique office building in the park.” Doing so, he says, will enable the asset to compete with newer rivals such as 117 Kendrick St. and the nearby Normandy Real Estate Partners portfolio at 75-85 Wells Ave. Window lines will be improved, a new entrance is being created and common areas will be restored, explains Carey, part of an exclusive leasing team for 60 Wells Ave. that includes G&E EVP Jack Kerrigan Jr. and associate VP Dan Krysiak.

Silverman Realty Trust had owned 60 Wells Ave. since its construction in 1970, making the asset among the first in a submarket that has seen considerable space added since that venture. A corner location and proximity to Routes 9 and 128 are among the drawing cards, says Carey, who reports encouraging activity among prospective tenants. “Demand seems to be pretty good,” he says, adding he believes the buyers are employing a prudent strategy to meet the ardor for modern space. Class A inventories along Route 128 Central are well into the single digits on vacancy, even below the tight average for the submarket’s overall supply.