Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Single-Tenant Offices Fetch $36M in Somerville
JLL Capital Markets closed the $35.5-million sale of 35 Medford St., a three-story office property totaling 58,156 square feet in Somerville, MA. The firm’s Coleman Benedict and Scott Carpenter marketed the property on behalf of funds advised by Columbia Real Estate Management, a subsidiary of Columbia Property Trust, and procured the buyer, Synergy Investments and its partners Independencia Asset Management.
Originally built in 1870, 35 Medford was recently renovated. It encompasses two adjoined north and south buildings that offer 19,400-square-foot floorplates and ceiling heights between 13’ and 18’. The property is fully leased to FormLabs, a 3D printing manufacturer, as its headquarters location and R&D facility.
“We have strong conviction in this location’s potential and great confidence in the dynamic business that Formlabs has built,” said Dave Greaney, CEO of Synergy Investments. “We’d like to acknowledge JLL for their efforts and expertise in the transaction.”
- ◦Sale/Acquisition