Waltham, MA Holliday Fenoglio Fowler, L.P. (HFF) has closed the $52.5 million sale of and arranged acquisition financing for 1025 and 1075 Main St., two class A office properties totaling 303,460 s/f.
HFF exclusively represented the seller, an affiliate of KBS Real Estate Investment Trust, Inc., in the transaction and procured the buyer, an affiliate of The Davis Companies. Additionally, HFF worked on behalf of the new owner to secure the seven-year acquisition loan through Brookline Savings Bank and First Niagara Bank. Gramercy Property Trust, as asset manager, advised KBS on the transaction.
1025 and 1075 Main Street - Waltham, MAThe HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles. The HFF debt placement team was led by senior managing director Riaz Cassum and director Brett Paulsrud.
1025 and 1075 Main St. are situated along Rte. 20, less than a mile from Rte. 128/I-95 and less than 15 minutes from downtown Boston. The property has mass transit access via two MBTA commuter rail stops as well as several MBTA bus lines nearby.
Originally built by BayBank in 1980 as the bank’s major operations center, the property has served similar functions for BankBoston, Fleet and Bank of America, who was the anchor tenant at the property. Additional tenants include Citizens Disability and The Cambridge Institute of International Education. 1025 and 1075 Main St. offer tenants a cafeteria, fitness center and parking in a four-level parking garage below 1075 Main.
“Waltham has emerged as one of Boston’s strongest suburban office markets and it is also experiencing one of the most significant building booms of the last 30 years, welcoming 14 new restaurants, more than 1,600 hotel rooms and several major mixed-use developments including City Point and 1265 Main Street,” said Sayles. “With this latest generation of office product and the associated retail components, Waltham will be able to offer the most demanding tenants an amenity-rich environment that is unparalleled in the marketplace.”
KBS Real Estate Investment Trust, Inc. is a non-traded real estate investment trust based in Newport Beach, California and is externally advised by KBS Capital Advisors, which is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment adviser founded by Peter Bren and Charles J. Schreiber in 1992. Since its inception, KBS affiliated companies have completed transactional activity in excess of $30.5 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and six non-traded REITs.
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. The company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested nearly $3.8 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.
