Hilco Buys Boston-Area Office Campus for $86M
- Aug 31, 2018
Hilco Real Estate has purchased CenterPoint, a two-building creative office campus in Waltham, Mass., for $86 million. NKF Capital Markets arranged the transaction on behalf of the seller, a joint venture between Rubenstein Partners and Saracen Properties.
Located at 41 Seyon St. and 43 Foundry Ave., the 440,000-square-foot CenterPoint formerly served as an R&D and manufacturing hub for Raytheon. Over the past 10 years, the property was transformed into a multi-tenant campus through significant capital investments. The asset is anchored by Repligen, Education Development Center (EDC) and Simpson Gumpertz & Heger. The campus is situated within the Charles River Mill District, which comprises 2.6 million square feet of synergistic office, manufacturing, technology and industrial space. CenterPoint offers convenient access to interstates 95 and 90.
NKF Capital Markets Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Co-Head of U.S. Capital Markets Robert Griffin, in conjunction with Newmark Knight Frank Executive Managing Director Mark Roth, oversaw the transaction. In July, Maher and Pullen were also part of a team that arranged the $96.5 million sale of 89 A St. in Needham, Mass., a 247,500-square-foot creative office building that sold to MetLife Investment Management.
“CenterPoint represents an exceptional creative office retrofit with first-class tenant buildouts, state-of-the-art building systems, high ceilings and efficient floor plates,” said Pullen, in a prepared statement. “The complex also boasts an attractive infill location within a thriving suburban Boston innovation cluster.”
Image courtesy of NKF Capital Markets