Greater Boston Office Asset Commands $28M
- Mar 23, 2020
Clean Harbors has purchased 42 Longwater Drive, a 104,008-square-foot office building in Norwell, Mass., from the RMR Office Property Fund LP. The asset had been the waste management company’s corporate headquarters since 2005. According to public records, the property traded for $27.5 million. Newmark Knight Frank assisted the seller in the deal.
The three-story building at 42 Longwater Drive is within Assinippi Park, a nearly 1 million-square-foot business campus. The property is undergoing a capital modernization process that includes the recently completed café renovation and office space ongoing upgrades, as well as the addition of an outdoor patio.
The office asset is roughly 20 miles southeast of downtown Boston alongside Route 3. Derby Street Shops, the Hanover Mall and Merchant’s Row are all within a 3-mile radius of the property.
NKF Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the Boston Capital Markets team led the sale negotiations together with Senior Managing Director Richard (Tyler) McGrail. Maher, Pullen and Hallowell were also instrumental in the recent $243 million recapitalization of a 850,000-square-foot Boston property.