Colliers International completes sale of Massachusetts office building
Colliers International Group has completed the USD12.4 million (USD291/PSF) sale of 405 Cochituate Road, a Class A office asset in Framingham, Massachusetts.
Led by Colliers’ Managing Director of Investment Sales Frank Petz and Senior Advisor John Nasca, the 42,548-square-foot office building is currently 100 per cent leased to nine quality tenants with ample remaining term, including Fidelity Investments and Liberty Mutual, to name just a couple. Colliers represented seller, Park Square Revival Corp, in the sale to Burlington-based investor/developer, RJ Kelly Co, Inc.
“It’s great to close on an office transaction that was marketed pre-Covid-19 and diligenced during the pandemic,” says Petz. “Recognising the resiliency of suburban office, RJ Kelly held to their original pricing and lived up to their reputation as a solid buyer.”
“We are delighted to have purchased 405 Cochituate Road in Framingham,” says RJ Kelly Vice President of Finance Benjamin May. “The acquisition fits perfectly into RJ Kelly Co’s already extensive portfolio of exceptionally well-located suburban office assets in the metro Boston market. It was attractive due to its unmatched visibility and its stable and diverse roster of both national and long-standing local tenants.”
In addition to Petz and Nasca negotiating the sale, Colliers Capital Markets teammates, Executive Vice President Jeff Black and Assistant Vice President Bryan Koop, arranged acquisition financing on behalf of RJ Kelly Co Inc.