JV Acquires Boston-Area Office Campus for $66M
- Jun 22, 2020
A joint venture of Greatland Realty Partners and Breed’s Hill Capital has secured debt and equity financing to help with its purchase of a 531,916-square-foot office campus in Marlborough, Mass., for $66 million. JLL Capital Markets arranged a $51.9 million seven-year, fixed-rate loan through Brookline Bank.
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The Campus at Marlborough includes three interconnected office buildings and an amenity building located at 100, 110, 250 and 350 Campus Drive that were developed in 1999. The amenity building at 110 Campus includes a full-service cafeteria, outdoor seating areas, a fitness center, four meeting rooms and a 3,400-square-foot auditorium that can seat as many as 300 people. The office campus stretches 121 acres and also includes an undeveloped parcel that can support new construction as large as 650,000 square feet. The portfolio is 75 percent leased to major tenants including medical tech company Hologic and digital infrastructure company VCE.
The JLL Capital Markets team representing Greatland Realty Partners and Breed’s Hill Capital was led by Senior Managing Director Lauren O’Neil and Directors Andrew Gray and Henry Schaffer. O’Neill said in a prepared statement that the joint venture partners were determined to get the transaction complete despite the ongoing COVID-19 pandemic.
Previous owner history
The new joint venture owners purchased the office park from Hines Global REIT, which acquired the property in 2011 from Bel Marlborough I LLC and Bel Marlborough II LLC, at a time when the property was 100 percent leased.
Hines’ purchase of The Marlborough was attributed to the area’s diverse economy and quality workforce and represented its second investment in Boston and its 10th acquisition overall. Nearby, Hines is also working on the redevelopment of South Station, a 1.9 million-square-foot mixed-use project.