Nordblom Company completed the acquisition of the former Palomar Medical Technologies world headquarters at 15 Network Dr. Nordblom, in conjunction with its partner, Network Drive Owner, LLC, purchased the 130,000 s/f building for $25.75 million from Cynosure, Inc., who recently acquired Palomar.
The Cushman & Wakefield team led by executive director Matt Pullen, president Rob Griffin, executive vice president Mike Frisoli and vice chairman Ed Maher represented the seller. Cynosure will continue to lease the building through June 2014. The acquisition of 15 Network Dr. brings the entire 158-acre campus of Network Dr. at Northwest Park under single ownership.
"This acquisition allows us to reassemble this entire office campus," said Ogden Hunnewell, executive vice president/partner of Nordblom. "Furthermore, the rest of the Park is fully leased so we will now be able to offer additional first-class office/life sciences space in this lovely headquarters building."
Network Dr. at Northwest Park is a 936,000 s/f world-class office campus located near the intersection of Rtes 128 and 3. Currently comprised of seven office buildings plus a large amenity center, Network Dr. has sufficient land to accommodate an additional 250,000 s/f of future buildable area. Located adjacent to the unmatched amenities the area has to offer, the campus features world headquarters for a range of technology and life sciences companies including Exa Corp., Dyax, Veracode, e-Bay Enterprise, Avid Technology plus a regional facility for Oracle Corp.
Network Dr. at Northwest Park is a forward-looking property. Featuring the latest technology and contemporary architecture, the campus is designed with an eye towards sustainability, efficiencies and expansion. Network Dr. is a distinctive world-class office park situated on an 158-acre campus at the intersection of four major arteries. Built to institutional standards, the property features quality finishes with a robust infrastructure. The range of tenancies reflects its capabilities with the headquarters for software, life sciences, social networking and other technology. It is located at the intersection of Rtes. 128 and 3 in Burlington, only 20 minutes from downtown Boston and 25 minutes from southern New Hampshire.
Nordblom Company is a real estate enterprise with an 85-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Mass. with offices in Boston, Brookline, and Raleigh, NC, Nordblom Company has $1.2 billion in assets under management.