Burlington Office Park sold, plans to Expand
Charles River Realty Investors and National Development have teamed up to purchase New England Executive Park for $216 million. NEEP is a campus comprised of 10 office buildings, located in Burlington, Massahusetts right next to the Burlington Mall off Route 128.
The portfolio on these properties currently show a 14 percent vacancy rate, and investors have gained approval to expand the premises by up to 750,000 square feet. Equity Office, which has since been acquired by Blackstone, purchased the property in the 1990’s for $103 million.
Charles River Realty and National Development have always maintained strong interest in Greater Boston’s commercial real estate market. The two firms raised $250 million earlier this year to invest in the market, and are interested in making “value-added real estate investments” for their clients.
The deal was brokered by Cushman & Wakefield’s Capital Markets team. (Boston Business Journal)