Bulfinch Expands Greater Boston Portfolio with Cutler Lake Corporate Center Acquisition
NEEDHAM, MA – December 4, 2014 - The Bulfinch Companies, Inc., a private commercial real estate investment firm, today announced that an affiliate has acquired Cutler Lake Corporate Center located at 117 Kendrick Street in Needham, MA, a 213,000 square-foot first-class office building in Greater Boston’s leading office market, and in the heart of the Needham Crossing business park. The single story property was completely renovated in 2001 to become one of Needham’s premier Class A properties and is 100% occupied, including such tenants as: Warner Bros. Entertainment, Euro-Pro Operating LLC, MARCUM Accountants, Firestone Financial, Verastem and Enservio.
Cutler Lake Corporate Center at 117 Kendrick Street is ideally situated in Needham Crossing, a master-planned 3 million square foot business park, attracting corporate headquarters for such innovative companies as Trip Advisor and Parametric Technology. The property’s location is easily accessible via Interstate 95 (Route 128) and is adjacent to the 700-acre Cutler Lake Reservation, with numerous walking and jogging trails. With shuttle service to the Needham MBTA green line, free and dedicated parking, a full service cafeteria and a fully equipped fitness center, Cutler Lake Corporate Center at 117 Kendrick Street is extremely attractive for today’s tenants. Construction is expected to start shortly on the new Kendrick Street interchange and slip ramp, which will provide direct access from Route 128 to Needham Crossing.
The acquisition complements Bulfinch’s existing suburban portfolio, which has more than twenty-five properties located in the Central Route 128 corridor. Cutler Lake Corporate Center joins other Bulfinch properties in the Newton/Needham area, including: First Needham Place, Hillsite Office Building, Needham Executive Center, and Newton Corporate Center, among others. Cushman & Wakefield represented the seller, an affiliate of Intercontinental Real Estate Corporation.
“The property’s strong location in Needham Crossing, solid history of leading tenants and the proximity to Route 128 made Cutler Lake Corporate Center an excellent investment and addition to our diversified portfolio of properties in and around Greater Boston” said Eric Schlager, CEO of The Bulfinch Companies. “We are excited to bring our entrepreneurial spirit and commitment to a property that benefits from its strong tenancy, accessible location and transformative roadway improvements, and we look forward to adding value to retain key tenants and further enhance this Class A asset.”
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 more than $1 Billion of commercial real estate. www.bulfinch.com