boston - The Real Reporter

40THE REAL REPORTER 2013 SUMMER REVIEWArsenal on the Charles, Watertown MAFive and 15 Wayside Rd., Burlington MASUBURBAN SPREEcontinued from page 3urban settings so popular among a new generationof companies from life sciences to technologythat are catering to a young talent pool.Acknowledging this year’s suburban surgeis Robert E. Griffin Jr., Cushman & Wakefield’sNew England region President and head of theCapital Markets Group thatonce again outpaced itscompetition throughmidyear thanks mainly to aseries of listings fromAndover to Worcester,among them the $216 millionNEEP transfer, whichMICHAEL GREELEY proved to be the top tradefor New England throughJune 30th. A triumvirate ofAEW Capital, Charles RiverRealty Investors andFRANK NELSONNational Developmentteamed up for that purchasefrom Equity (seerelated story page 2).NEEP proved to be thevery imposing tip of an even bigger iceberg forC&W to open 2013. Although the team also ledby Vice-Chair Edward C. Maher Jr. and MatthewE. Pullen did have its share of major downtownand Cambridge conclusions through thehalfway juncture, the 20 deals finalized as ofJune 30th were concentrated beyond their citylimits, including popular inner suburban communitiessuch as Somerville, where C&W negotiatedthe $33.4 million purchase of 200 InnerBelt Rd. by North River, a New York-basedinvestor drawn to the four-story, 186,000-sfoffice building thanks to a four-acre developmentsite and potential upside in the existing12-year-old structure that was 82 percentleased when sold. Says Griffin: “200 Inner BeltRd.’s location allows the property to capitalizeon tenant migration to high-quality value alternatives,especially with laboratory and officeusers being priced out of neighboringCambridge.” Kendall Square is barely threemiles from North River’s new property. C&W’sclient in the May 30th exchange was Foulger-Pratt, an investment advisor that paid $13.4million for the property in Dec. 2005.Barely one week after 200 Inner Belt Rd.closed, C&W negotiated the $34 million swapof One Newton Place in Newton Corner toTaurus Investments from client TA AssociatesRealty, owner since paying $21.0 million in Dec.2004 for the 172,000-sf office/retail buildingthat also has structured parking. In a pressrelease, TA principal Jim Raisides relays that therobust capital climate made 2013 “a great time. . . to sell this exceptional asset,” while Griffincredits TA for its attentive stewardship of thebuilding, care that he says provided “a realopportunity for Taurus to purchase an assetwith strong tenancy in a thriving and establishedarea.” Newton Corner is the first exitsouthbound following the Allston toll plaza ofthe Massachusetts Turnpike Extension.C&W scored yet another substantial suburbansuccess when Campanelli paid $16.3 millionfor a pair of vacant office buildings in NorthQuincy. Totaling 356,000 sf, they were part of alarger campus filled by State Street Bank Corp.on a site overlooking the Neponset River.Heritage I and Heritage II will undergo anextensive renovation by the hands-on developerand investor (see related story page 22).Back in Burlington, C&W was exclusiveagent on the $69.3 million sale of 5 and 15Wayside Rd. to the Piedmont Group fromBehringer Harvard. The Texas-based seller thathas been refocusing regional attention on multifamilyinvestment over the past two years hadbought the Wayside Road properties for $82.2million in Dec. 2006 at the height of the lastCRE boom cycle. While below what the sellershelled out, the figure exceeded market projectionsfor the buildings that total 270,000 sf andwere at 95 percent occupancy upon closing.The C&W crew assisted Normandy RealEstate in its dispatch of a new medical officecontinued on page 41&*!+))!)))!)))&*!)))!)))!)))&0))!)))!)))&/))!)))!)))&-))!)))!)))&+))!)))!)))&,))"))&+.)"))&+))"))&*.)"))&*))"))&.)"))&#BOSTON MSA OFFICE STATS&#*$*+ *$*, +$*+ +$*,$" '% #!*$*+ +$*+ *$*, +$*,"--0+,$97 (41:2, )") T /*3., E 4- #7458 &49*1 '3098 ;. D?%6-9$IBIJ D I=IHH=LIQ=KLJ @ JJ K=HLL=PMJ D JOO>PM$JBIJ D LKM=QOJ=MHH @ IK J=KQH=MJQ D JPJ>QQ$IBIK D NPL=QJM=JHH@KPT IP J=QOO=JJQ D IPO>LJ$JBIK D PQP=PJP=NNMIHNT JO L=LON=QQO D IQJ>HJA * Price #70+, per 5,7 Unit/SqFt '309?%6!9 calculations +*1+:1*90438 *7, are rolling 741103. quaterly 6:*9,71< averages *;,7*.,8© 2013 Data courtesy of real capital analytics