Adobe to Buy Boston-Area Office Building Upon Completion
- May 15, 2008
In a $44.7 million deal, Adobe Systems Inc. has agreed to purchase Overlook Center in Waltham, Mass., from Normandy Real Estate Partners upon its construction.Normandy will complete development of the 108,500-square-foot office building in time for the deal’s expected closing in May 2009. The building will serve as home to approximately 200 Adobe employees who currently work in a rented building in Newton, Mass. Other amenities on the site include a 360 space parking facility, conference facilities, café and gym.The project will be developed and built by Normandy using eco-friendly processes. The two firms are currently seeking LEED certification through the U.S. Green Building Council. Adobe sees this purchase as a symbol of its commitment to expand in the Boston region, due to its high-level workforce. “The Boston area, with its rich ecosystem of technical talent and innovation, is important to Adobe’s business and this purchase reinforces our commitment to having a significant presence in the area,” Rick Treitman, of Adobe’s Boston operations, indicated in a release. “Like many of our other sites around the world, the Overlook Center site will be a cutting-edge building that reflects our commitment to eco-friendly operation and community involvement while offering first-class amenities for our employees.” Normandy Real Estate Partners is a real estate private equity firm with its main holdings in the Northeast and Mid-Atlantic regions. The firm’s 1.2 million-square-foot Massachusetts and Connecticut portfolio was refinanced for $200 million by GE Realty Inc. last month.