News and Press
National and Bulfinch Sell Cambridge Office Development
November 21, 2014
National Real Estate Advisors announced today the sale of the Forrester Research World Headquarters (Building 200) in Cambridge Discovery Park in Cambridge, MA. The transaction was made on behalf of National’s open-end, build-to-core fund with $1.8 billion in assets under management. The Fund had a 50% ownership interest in the property and achieved an outsized return.
The buyer and sales price are not being disclosed.
In 2010 National and its partner, the Bulfinch Companies, Inc., completed development of the 200,000-square-foot, six-story office building and adjacent 650-car parking garage and executed a long-term lease through 2027, achieving 100% occupancy at opening. The LEED Platinum property features a full service cafeteria; fitness center with yoga studio, locker rooms and showers: bike and car share programs, an ATM, and electric chargers in the parking garage.
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.”
“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.”
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.