JLL Completes $46M Sale of Boston Area Office Asset
- Aug 09, 2016
By Bogdan Odagescu, Associate Editor
Boston—JLL Capital Markets recently closed the sale of Lexington Corporate Center in Lexington, Mass., on behalf of Normandy Real Estate Partners. The 288,528-square-foot, Class A office property traded for $46 million. JLL also secured $32 million in acquisition financing for Burlington-based buyer RJ Kelly Co.
JLL managing directors Frank Petz, Chris Angelone and Jessica Hughes spearheaded the sale efforts, with SVP Jonathan Schneider securing the financing.
“Suburban Boston has become a hotbed for tech and science tenants seeking to tap the metro area’s talent pool without paying Central Business District prices, and many of them are seeking offices with a more modern and innovative feel,” said Petz in prepared remarks.
The suburban Lexington Corporate Center is located at 10 Maguire Road, just a few minutes from I-95/Yankee Division Highway and less than an hour away from downtown Boston. Comprising four buildings sitting on an 18.8-acre lot, the property was completed in 1968. According to Yardi Matrix, the complex saw thorough renovations in 1998 and cosmetic ones 15 years later. JLL is also in charge of leasing efforts.
“Much like many of our other recent office acquisitions on 128, we intend to implement a capital improvement campaign to enhance the common elements of the buildings by creating vibrant environments that encourage collaboration and creative use of all of the common spaces (both interior and exterior) that the park has to offer,” added Brandon Kelly, president & CEO of RJ Kelly.
Image courtesy of Yardi Matrix