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$41M To Purchase 100%-Leased HQ

MALDEN, MA-Government Properties entering into a purchase and sale agreement for the 125,521-square-foot Massachusetts Department of Education property.

By Ryan Clark | Updated on May 10, 2010

MALDEN, MA-Government Properties is entering into a purchase and sale agreement for the Massachusetts Department of Education headquarters. The REIT will acquire the 125,521-square-foot property for $40.5 million if the sale goes through, although Government Properties does not guarantee that it will.

The Newton, MA-based REIT logged and FFO $12.6 million for the 1Q10, up $500,000 year-over-year. Net income however was down YOY at $6.9 million for the quarter, shaving $1.6 million from the previous year’s first quarter take.

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