Piedmont Office Realty Trust has completed the purchase of 5 Wall Street, a Class-A property located in Burlington, Massachusetts.
The six-storey, 181,680 square foot office building was constructed in 2008 and is 100 per cent leased to three tenants.
The transaction complements Piedmont's 2013 purchase of another Class-A project located in Burlington - 5 & 15 Wayside Road.
These recent acquisitions, together with the company's existing assets in the Boston Metro area, comprise approximately 1.5 million square feet – all of which is 100 per cent leased.
Wil Stone, senior vice president, capital markets, represented Piedmont in the purchase of the off-market transaction from The Gutierrez Company.
"We are pleased to have been successful in purchasing yet another quality asset below current replacement cost in the highly desirable Burlington submarket," says Stone. "The building offers tenants convenient access to the Route 128 corridor, as well as providing an array of amenities, including an on-site fitness centre and over 300,000 square feet of retail, entertainment and dining within walking distance of the property.”
"Building on our purchase of 5 & 15 Wayside Road in 2013, this acquisition continues our strategy of aggregating assets in desirable sub-markets within specifically identified office markets," says Raymond L Owens, executive vice president, capital markets for Piedmont. "The Greater Boston office market has experienced significant job growth in recent years, driven largely by the technology and healthcare industry sectors. We believe that the acquisition of 5 Wall Street will move us closer to our objective of being the dominant REIT player in the Route 128 North submarket.”