North Boston Office Asset Commands $22M
- Apr 27, 2016
An HFF team led by Senior Managing Director Coleman Benedict, Managing Director Chris Phaneuf and directors Ben Sayles and Mark Campbell represented the seller, KBS Real Estate Investment Trust, while also procuring the buyer, Berkeley Investments. Asset manager Gramercy Property Trust acted as advisor for KBS.
Mere steps away from the Malden Central MBTA station for the Orange line, 200 Exchange St. is transit-oriented and less than 20 minutes away from downtown Boston. Positioned alongside Route 60, the location offers quick access to I-93 and Route 1 for many commuter destinations in the Boston metro area and the North Shore.
According to Malden public records, the brick-and-steel building was completed in 1985 on a 2.39-acre lot, and its 2016 assessment evaluates the property at $33.5 million, out of which $13.1 million represents land value. The property was originally constructed as an operations center for Bank of Boston. The last time 200 Exchange St. changed hands was in January 2005, for little over $24.6 million.
Berkeley Investments is currently planning to reposition the property and is working with Stantec on a capital renovation program. The revamping will include improvements to the streetscape, as well as complete interior renovations.
The new owner intends to turn 200 Exchange St. into a mixed-use facility with street level retail, an up-to-date data center on parts of the first and second floors and nearly 200,000 square feet of creative office space on the upper floors. The repositioning will also bring a new fitness center, shared conference room, bike storage facilities and updated lobby.
“Malden Center is currently undergoing a dramatic transformation as a downtown redevelopment is underway that will reconnect streets, relocate City Hall, and introduce hundreds of new residential units along with numerous new retail destinations…With a lower price point than other close-in suburbs and with immediate T access, Malden is emerging as a new residential and commercial hub for the region and 200 Exchange Street is well positioned to both contribute to and benefit from this transformation,” said HFF’s Sayles in prepared remarks.
Image via Google Street View