New Boston Chasing 167,000-SF Office Park

BRAINTREE, MA-A first-class office park here that underwent a rapid turnaround is a target of the New Boston Fund, industry sources are telling GlobeSt.com. Bidding on the 167,000-sf Granite Woods Corporate Center has reportedly been in the range of $28 million to $30 million.

While there is some dispute on how far along negotiations are, sources identify NBF as the frontrunner to purchase Granite Woods Corporate Center from the Campanelli Cos. of Braintree. Among New England’s most active developers, Campanelli acquired 350 Granite St. in the autumn of 2006 when it paid $10.3 million to Verizon Corp. for the two interconnected buildings. The communications giant leased back 40,000 sf while the remainder was overhauled and converted into first-class office space through a multi-million dollar capital improvements campaign.