Suburban Boston Office Park Commands $80M
- Jan 22, 2018
A joint venture between Jumbo Capital and Sound Mark Partners has acquired Stony Brook Office Park, four interconnected buildings totaling 270,196 square feet of institutional-quality office space in Waltham, Mass., from Clarion Partners, for $80 million.
“We think this is the premier suburban office market in the suburban Boston metro and feel this is one of the best assets within the market and best locations as well,” Jay Hirsh, Jumbo Capital’s managing partner and co-founder, told Commercial Property Executive. “Clarion has superbly managed the asset and we see great value with the potential to move the rents over time.”
Located at 130 Turner St., the park consists of 170,000-, 44,000-and 39,000-square-foot office buildings, plus a 10,000-square-foot connector building on a landscaped, elevated 23-acre site. The deal also included a 3,925-square-foot retail asset located nearby at 5 Turner St.
NKF Capital Markets facilitated the deal for both parties.
The office part is currently 100 percent leased, with a company roster that includes Brainshark, Wolters Kluwer, TIAA, Stanley Black & Decker, Ultratech, DDJ Capital Management and Wells Fargo.
Stony Brook Office Park is visible from Interstate 95 (Route 128), and is less than five minutes from the Massachusetts Turnpike. It’s also within walking distance of the Brandeis-Roberts MBTA commuter rail station. The office park is located adjacent to Brandeis University and just two miles from Moody Street, Waltham’s primary retail/restaurant corridor.
“It has incredible access to highways and public transit,” Hirsh said. “When you’re dealing in East Mass., there are a lot of barriers to entry, so it’s difficult to add new inventory. Much is older vintage and we liked how this with modern and recently constructed, and believe it appeals to lots of different user groups.”
The NKF Capital Markets team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell oversaw the transaction on behalf of Clarion Partners. NKF Capital Markets’ Boston-based debt team, led by David Douvadjian and Timothy O’Donnell, oversaw financing for the transaction on behalf of the buyer.
In August, Jumbo Capital teamed with Boston Andes Capital on the $42.2 million acquisition of Rivertech Park, a two-building office property in Billerica, Mass.
Image courtesy of Yardi Matrix