New Boston Confirms $25M Sale-Leaseback

CAMBRIDGE, MA-After earlier passing on comment, the New Boston Fund is verifying its purchase of 55 Wheeler St., the headquarters of internationally known consulting firm Abt Associates. As part of the $24.5 million agreement, Abt has committed to stay at its longtime headquarters for another 10 years.

The structure “will provide our investors with a solid return from day one,” NBF chief investment officer Jim Kelleher says. The sale-leaseback “is a perfect fit” for NBF’s diversified strategy in that it offers near-term stability, Kelleher says.

Abt Associates CFO David Loeser also praises the arrangement. “This transaction was favorable for us from a financial point of view and allows us to focus our resources on growing our core business of research, consulting and technical assistance,” he says. Abt has been at the property since 1965 after founder Clark Abt designed the complex in what is now known as the Alewife district.