Case Study: First Needham Place

Details

  • Property: 250 First Avenue
  • Location: Needham, MA
  • Opportunity: Under-utilized, property with Route 128 frontage and tremendous visibility
  • Property Type: Office
  • Acquisition Date:
  • Square Feet: 73,176 sf
  • Existing: 25,000 SF furniture warehouse

Strategy

Acquire furniture warehouse by agreeing to (i) close in 10 days and (ii) leaseback real estate to retailer for the purpose of conducting lucrative liquidation sale. 

Commence with speculative construction in order to beat competitors to market and to capitalize on Route 128 frontage.

Develop 75,000 sf state-of-the-art first-class office building with garaged parking, and tremendous visibility from Route 128.

Added Value

100% leased

Multi-tenant office building within a couple months of construction

LEED Silver Certified