Cornerstone Seen Pitching One Van de Graaff Dr.

BURLINGTON, MA-Capital clamoring for investment opportunities will soon have a prime suburban Boston office building to pursue, as Cornerstone Real Estate Advisers is reportedly preparing to put One Van de Graaff Dr. on the market, industry sources are telling GlobeSt.com. Prominently overlooking Route 128, the six-story, 155,000-sf building is among Burlington’s leading addresses and said to be now achieving per-sf rents well into the $30s.

Cornerstone reportedly is tapping Eastdil Secured to sell One Van de Graaff Dr. Eastdil officials declined comment on the matter, as did Steve Jacobs, director of dispositions for Cornerstone. “I can’t discuss individual deals unless there’s something to discuss,” Jacobs tells GlobeSt.com. Nonetheless, sources insist the building is going up for sale, and claim Eastdil has won the assignment. The Boston Eastdil team includes James McCaffrey, Peter Joseph and Christopher Phaneuf.

“It’s great real estate,” says one source familiar with the asset, constructed in the 1980s by local developer Bruce Silverman. Cornerstone has owned One Van de Graaff Dr. since paying $17.2 million for the property in 1996. The building features a roster of solid credit tenants, including Adheris, Cisco Systems and the University of Phoenix. One source puts occupancy in the mid-90% range, citing the solid location and Cornerstone’s stewardship for keeping One Van de Graaff Dr. competitive with newer neighbors.