Cushman & Wakefield completed the sale of One and Two Executive Dr. for $23.45 million to Novaya Real Estate Ventures, LLC. One and Two Executive Dr. is an institutional-quality, two-building office campus, located in suburban Boston.
The property totaling 225,334 s/f sits on 16 acres near the intersection of I-495 and Rte. 3. Cushman & Wakefield's capital markets team of Robert Griffin, Edward Maher, and Matthew Pullen exclusively represented the seller. In addition to the sale, Cushman & Wakefield's leasing team led by Matt Adams, Torin Taylor, Rich Ruggiero and Rory Walsh have been appointed exclusive leasing agents for both properties.
"One & Two Executive Dr. presented Novaya with the unique opportunity to purchase an asset with strong tenancy in a submarket that continues to be a hub for the most successful companies in technology, defense and medical device in New England" said Peter Carbone of Novaya.
Currently, One and Two Executive Dr. is 97% leased to a blue chip tenant roster that includes Rockwell Automation, Captivate Networks (Gannet), L-3 Communications and Conmed Endoscopic Technologies.
"The asset, purchased at a low basis and discount to replacement cost was a great opportunity for Novaya to purchase a best-in-class office space," said Griffin.
Cushman & Wakefield is one of the world's largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, fully-integrated on a global basis, including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors.