Fairlane Properties, Inc. sells Chapel Business Center for $11.375 million

Chapel Business Center, 59-85 Chapel Street - Newton, MA

Newton, MA Fairlane Properties, Inc. recently sold Chapel Business Center at 59-85 Chapel St., to an affiliate of KS Partners, LLC for $11.375 million.

The 78,127 s/f office, technology and storage building is 92% leased to a number of innovation companies, such as Everyscape, Aria Marketing, Boston Device Development, Barrett Technology and Heuresis Corporation. David Pergola and Brian Doherty of CBRE, formerly of DTZ brokered the sale for Fairlane Properties.

Located in the recently created Charles River Mill District, Chapel Business Center also is home to Charles River Coworking, the largest coworking space in Newton with 10,900 s/f. Created by Fairlane Properties as an offshoot of its Geek Offices coworking space in Cambridge, Charles River Coworking currently has over 60 members and about 20 companies.

KS will continue to manage the operation and hopes to expand the offering into a recently acquired asset in Watertown.