HFF director Ben Sayles tells Globest.com that the new ownership “has big plans for the asset to renovate it. It is going to be really impressive when they are done.”

He says that the renovation program on the property will include new lobbies, common areas and amenities. Wells Place (7-57 Wells Ave.) was built in 1982 and Wells Center (75-85-95 Wells Ave.) was constructed in 1986.

The acquisition financing provided by East Boston Savings Bank is structured as a secure five-year, fixed-rate first mortgage totaling $47.13 million, which included funds for the acquisition, as well as a facility for future tenanting and capital costs.

The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Sayles. The HFF debt and equity placement team was led by directors Lauren O'Neil and Brett Paulsrud. Mark Terry and Jonpaul Sallese represented East Boston Savings Bank in the mortgage transaction.

NEWTON, MA—A joint venture partnership of Angelo, Gordon & Co . and Jumbo Capital Management has acquired a two-building office complex here on Wells Avenue in a deal valued at $62.3 million.

The off-market deal was reported by Holliday Fenoglio Fowler, L.P., which arranged the acquisition and joint venture equity financing for the transaction that closed on March 9. The two office buildings at 7-57 Wells Ave. and 75-85-95 Wells Ave. total 332,194 square feet and are located eight miles west of Boston. At the time of the sale the properties were approximately 95% leased. Among the tenants at the complex include: EMC, Ericsson, and Ascensus.

While no parties in the transaction revealed the identity of the seller, the partnership reportedly acquired the property from Normandy Real Estate Partners of Morristown, NJ, which at press time still lists the property as part of its portfolio on its company's website.

A spokesperson for New York City-based Angelo Gordon & Co. confirmed its acquisition of the property with Quincy, MA-based partner Jumbo Capital Management, but had no comment on the purchase or its future plans for the property.

HFF director Ben Sayles tells Globest.com that the new ownership “has big plans for the asset to renovate it. It is going to be really impressive when they are done.”

He says that the renovation program on the property will include new lobbies, common areas and amenities. Wells Place (7-57 Wells Ave.) was built in 1982 and Wells Center (75-85-95 Wells Ave.) was constructed in 1986.

The acquisition financing provided by East Boston Savings Bank is structured as a secure five-year, fixed-rate first mortgage totaling $47.13 million, which included funds for the acquisition, as well as a facility for future tenanting and capital costs.

The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Sayles. The HFF debt and equity placement team was led by directors Lauren O'Neil and Brett Paulsrud. Mark Terry and Jonpaul Sallese represented East Boston Savings Bank in the mortgage transaction.