Equity Office Properties Sells 649 KSF Boston Suburb Office Park for $237M
- Dec 16, 2013
The Blackstone Group’s Equity Office Properties affiliate has closed the sale, for $237 million, of Wellesley Office Park, a 649,184-square-foot office park in Wellesley, Mass., it was announced late last week by HFF, which represented EOP.
The buyer was John Hancock, of the wholly owned subsidiary of Manufacturers Life Insurance Co. (Manulife Financial), Toronto.
“This property represents the type of high-quality asset we acquire in key markets as a priority for our strategic plan. The strong tenant roster and superb location make this an excellent addition to our investment portfolio,” Ted Willcocks, Global Head of Asset Management for Manulife Real Estate told Commercial Property Executive.
The HFF team that exclusively represented the seller was led by Coleman Benedict and Ben Sayles.
“Institutional investors continue to be focused on core suburban submarkets,” Sayles told CPE. In Boston, he added, that core submarket is the Route 128 corridor from Needham to Burlington, where there has been a “significant volume” of transactions this year.
The Wellesley Office Park deal, Sayles said, is the largest office sale in suburban Boston this year.
Wellesley Office Park is a master-planned office park at the intersection of Route 128/I-95 and Route 9.
The park is currently about 90 percent leased. Its tenant roster includes AXA Equitable Life Insurance, Northwestern Mutual Life, Bank of America Merrill Lynch, Newton-Wellesley Hospital, Wells Fargo, Morgan Stanley, Eagle Investment Systems, Stream Global Services, UBS, Benchmark Senior Living, REZ-1, Baystate Financial and F-Squared Investments.
“Wellesley Office Park can easily be considered ‘best in class’ and embodies all the long-term criteria standards of institutional investors: irreplaceable setting, convenient access, on-site amenities and marquee tenancy,” HFF’s Benedict said in a release.
Properties like this one, he added, “consistently outperform their peer group, regardless of market conditions.”