JOSS Realty has purchased 55 Walkers Brook Dr. from Rubenstein Partners, L.P. and Nordblom Co.

Reading, MA JOSS Realty has purchased 55 Walkers Brook Dr., a fully-leased 139,356 s/f class A office property located in the Rte. 128 North submarket of metropolitan Boston.

JOSS purchased the property from Rubenstein Partners, L.P. and Nordblom Co. for an undisclosed price. The transaction was arranged by the Boston Capital Markets team of Cushman & Wakefield.

“We continue to see opportunity to invest in top submarkets that lie beyond, but are commutable to, central business districts,” said Larry Botel, founding partner of JOSS Realty. “Submarkets like Rte. 128 North allow tenants to set up shop at more favorable rental rates while pulling talent from the great cities of the United States, whose economic drivers are engaged in a cycle of growth with the urban and suburban commutable centers that surround them.”

The property fits within the Boston metropolitan area’s focus on tech, health care and financial services, all of which are represented in the building’s diverse tenant mix. Located 15 minutes north of downtown Boston, the property is a class A office building that is located off I-95 (aka Rte. 128) and is within less than a mile of the MBTA commuter rail in downtown Reading. 

“As we have expanded our investment focus, we have found that we can acquire high quality real estate with minimal risk profiles at 200-300 basis point higher cap rates than comparable CBD assets in the same Tier One major markets. And the fact that we are acquiring them at 50-70% of replacement costs make us feel even better about the longer term success of these investments,” Botel said.