Digital Realty Parts Ways with Class A Property in Suburban Boston
- Oct 20, 2015
By Veronica Grecu, Associate Editor
The $31.1 million sale of 100 Quannapowitt Parkway was brokered by JLL’s Capital Markets team led by Managing Directors Frank Petz and Jessica Hughes, Vice President Robert Borden and Analyst Charles Luce. According to Banker & Tradesman, the acquisition was financed through a $22.8 million mortgage loan provided by Cambridge Savings Bank.
Digital Realty Trust purchased the office building in June 2014 for $29.4 million.
“This offering gave investors the unique opportunity to purchase a strategically located asset in the strong North market with 100% occupancy, stable contractual cash flows, and below market rents in-place providing upside potential,” said Petz.
100 Quannapowitt Parkway is conveniently located one-half mile from Route 128, two miles from the I-93 interchange and adjacent to Lake Quannapowitt, and is part of a 387,000-square-foot Class A office and technology center made up of two multi-tenant buildings. United Health Group is listed as the anchor tenant, with 60,000 square feet of leased space at the four-story building. Other tenants include Vestmark and Sentinel Benefits Group,
The complex was developed in 1999 by Beal Cos.