"The buyer was looking for a long-term stabilized asset, the seller had that," David Pergola, senior director at Cushman & Wakefield, tells GlobeSt.com. "The transaction experience of both of the parties was critical to getting it done." Pergola cites the economic atmosphere as an obstacle, which necessitated that the buyer and seller not be novices.
The two buildings consist of 144,000 sf of office/R&D in the 495 North submarket. The space is 100% leased to Interactive Data Corp. and Intertek Testing Services--each holding long-term leases for the property. Financing for the purchase is being provided to the Lynnfield, MA-based buyer from Washington Trust Co. of Westerly, RI. Besides Pergola, the buyer's C&W team includes Robert Griffin, Chris Griffin, Rick Puprush and Brian Doherty.
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