Bulfinch and National Sell Building 200/300 and Parking Garage A at Cambridge Discovery Park
NEEDHAM, MA - October 2, 2014 - The Bulfinch Companies, Inc., a private commercial real estate investment firm, and its partner National Real Estate Advisors have completed the sale of the Forrester Research World-Headquarters Building known as Building 200/300 in Cambridge Discovery Park, an approximately 200,000 sf six-story office building, as well as an adjacent 6-story parking garage.
Affiliates of Bulfinch will continue to retain ownership and management over the balance of Cambridge Discovery Park. The Park is one of the largest campuses in Cambridge totaling approximately 27 acres of land and is connected via a pedestrian footpath to the Alewife MBTA station and the Minuteman Bike Trail. The site was permitted by Bulfinch for up to 820,000 square feet of total development.
Building 200/300 is a single-tenant six-story building in the Park designed for Forrester Research’s world-headquarters and constructed by Bulfinch in 2010. The property holds a LEED Platinum designation by the U.S. Green Building Council, and features an enhanced amenity package including a full service cafeteria, fitness center with a yoga studio, locker rooms and showers, bike and car share programs, ATM, and the parking garage. The 6-story garage holds up to 650 cars and contains electric car chargers.
“We are very pleased to have completed the sale of the garage and the Forrester Building,” said Robert A. Schlager, President at Bulfinch. “Bulfinch remains focused on fully developing the balance of the Park over the next several quarters”
In addition to Building 200/300 and the parking garage, the Park contains: (i) Building 100, a 6-story approximately 150,000 sf building which is home to The Smithsonian Institution, Genocea Biosciences and Nuclea Biotechnologies, and (ii) land with permitted development rights for up to roughly 450,000sf. Bulfinch will retain ownership of Building 100 and the remaining development rights at the Park, and is fully committed to developing the full build-out of the Cambridge Discovery Park campus.
"With this sale Bulfinch remains committed to Cambridge Discovery Park and the future of the world-class campus," said Eric D. Schlager, Chief Executive Officer at Bulfinch. ”The sale further demonstrates the strong demand for investors to buy Class A stabilized assets in Boston’s urban core. The asset generated broad interest in the market from many institutional investors and we are delighted to have selected a very high quality ownership group to join Bulfinch in the Park."
Jeff Kanne, National’s President and CEO, said: “Working with Bulfinch, we decided to take advantage of current strong interest from core buyers for high-income generating properties and sell into the demand wave. While our strategy for the Fund is to develop, stabilize and hold properties for the cash flow benefits to our investors, we selectively will sell assets opportunistically earlier than their anticipated portfolio lifecycle when we can achieve outsized returns.”
Eastdil Secured was the exclusive advisor to the Seller.
About Eastdil Secured
Eastdil Secured, a subsidiary of Wells Fargo Bank (NYSE: WFC), is one of the most active real estate capital markets firms in the United States and the United Kingdom. Eastdil Secured is also a leader in raising debt and equity in the public markets and raising private equity and entity recapitalizations through its broker dealer affiliate, Wells Fargo Securities. Since 2005, Eastdil Secured has completed over 4,300 transactions totaling over $1 Trillion. The firm has offices in New York, Los Angeles, San Francisco, Washington D.C., London, Hong Kong, Chicago, Atlanta, Boston, Silicon Valley, and Irvine. www.eastdilsecured.com
About The Bulfinch Companies, Inc.
The Bulfinch Companies, Inc. is an entrepreneurial, value-added real estate investment firm specializing in the acquisition, development, management, and repositioning of commercial properties in Greater Boston. Since inception in 1936, Bulfinch, and its affiliates, have developed, acquired and repositioned over $1 Billion of commercial real estate.
About National Real Estate Advisors
National Real Estate Advisors has more than $2 billion in assets under management for pension plan sponsors, investing in major U.S. urban markets using a build-to-core strategy. The company undertakes large-scale development and redevelopment projects in an open-end build-to-core fund and a separate account, building investment portfolios of stabilized modern property assets—apartment, office, mixed-use, industrial, data centers and hotels—with design features, technological enhancements, and amenities that drive high tenant demand and create value over time. An SEC registered advisor, the firm is a subsidiary of the National Electrical Benefit Fund. For more information, visit www.natadvisors.com.