Boston-Area Office Asset Changes Hands in $18M Deal
- Feb 09, 2017
By Mihaela Coste
Boston—HFF recently announced that it has closed the sale of Tower at Northwoods, a 184,116-square-foot, Class A office building in the suburban Boston community of Danvers. LNR Partners Inc., represented in this transaction by HFF, sold the property for $18 million. Additionally, HFF worked on behalf of the new owner to secure a $12.5 million financing.
The investment sales team representing the seller was led by Chris Phaneuf, managing director, and Patrick McAneny, senior real estate analyst. LNR Partners was represented by Dustin Smith, vice president of U.S. Asset Services – Real Estate Asset Management.
According to Yardi Matrix data, the property was acquired by Kapp Morrison, a Florida-based law firm focused on commercial real estate and corporate transactions. Brett Paulsrud, director of HFF, arranged the 10-year, fixed-rate acquisition loan through East Boston Savings Bank.
Located at 222 Rosewood Drive on a 22.9-acre site, Tower at Northwoods was completed in 1990. The 11-story asset features a fitness center, standard ceilings, on-site café, ample grade-level parking and 24/7 security. It offers convenient access, being situated 20 minutes north of Boston and less than one mile from both Interstate 95 and US Route 1.
At the time of the transaction, the asset was 90.8 percent leased, the tenant roster including Copyright Clearance, MetLife and Royal Bank of Canada.
Image courtesy of HFF