BOSTON-Marcus Partners has acquired a 125,000 square foot office property located in Waltham. The building in question is 225 Second Avenue, which is right near Route 128 in the city's commercial district.
According to a statement from the company, Marcus Partners plan on an “extensive” capital improvement program which entails significant building upgrades and a revitalized lobby. Over the past 18 months, the firm has completed 11 transactions totaling over 3.1 million square feet of office, bio-medical, medical office, R&D and industrial space in the Miami, Atlanta, Washington DC, Suburban NYC and Boston markets. With this acquisition, the portfolio of properties owned or managed by Marcus Partners' affiliates hits 6.9 million square feet.
In the same statement, Paul Marcus, managing principal of Marcus Partners commented: “This acquisition fits in well with our investment strategy of acquiring assets at a reasonable basis that are well located and offer a real value-add opportunity for a hands-on owner.”
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