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500,000-SF Redo Lands $52M Financing

WALTHAM, MA-The repositioning of a current office park--CenterPoint--into an office/lab park will demo 150,000 square feet here.

By Ryan Clark | Updated on November 06, 2008

WALTHAM, MA-Trammell Crow Company Acquisitions II, LP–a real estate acquisition fund sponsored by Trammell Crow Co. and Saracen Properties LLC–is securing financing to the tune of $51.75 million for its repositioning of CenterPoint here. The financing was secured through CapMark and US Bank for base-building and tenant improvement, according to Travis Powell, principal of Saracen Properties. “We were pleased with the financing in a tough financing environment,” Powell says. “And it attests to the strong fundamentals of the project.” The terms and length of the loan were not disclosed.

The former I-Park Office Park will undergo extensive redevelopment, demolishing 150,000 square feet, which includes two of the standing buildings, as well as defunct boiler and ice houses. This, along with the redevelopment, leaves CenterPoint with 500,000 square feet of office/lab. Currently, the park is roughly 39% occupied. Simpson Gumpertz & Heger have an 80,000-square-foot headquarters here, along with 30,000 square feet for Work-Out World; about 25,000 square feet for Repligen and a self-storage company which leases 57,000 square feet.

The property will boast 300,000 sf of available space once the two-story 42 Foundry Ave. comes onto the market in April 2009 with its 187,000 square feet. Currently, 113,000 square feet is available at 41 Seyon St.

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