Transwestern | RBJ negotiated the disposition of 2 Edgewater Dr., a 98,000 s/f building that is fully occupied by Siemens Corp. ElmTree Funds LLC acquired the building from Norwood One LLC. According to public record the property sold for $19 million. Chris Skeffington, John Lashar, Roy Sandeman and Rob Byrne of Transwestern | RBJ represented the seller and sourced the buyer.
"Norwood One's ability to stabilize the asset and retain Siemens on a long-term basis resulted in strong pricing and a seamless disposition to ElmTree," said Skeffington. "This is a significant acquisition for ElmTree Funds, which has gained not only a market-leading office property but also one with a long-term, credit tenant in Siemens."
Located in the master-planned Brookside Office Park, the class A office building has easy access to Interstate 95, ample parking and a full-service cafeteria. Siemens signed a long-term lease in 2014.