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.

Sub Markets

Property Sectors

Topics

Boston & New England  + Boston  + Office  | 

Andover Offices Sold for Quarter of ’22 Price 

Alexandria Real Estate Equities Inc. has divested a three-story Andover office building for $3.9 million, marking a significant decrease from its purchase price two years ago, as reported by Boston Business Journal.  

The property, located at 138 River Road, was acquired by a limited liability company linked to executives from Energy North Group, a gas station operator based in Lawrence. Alexandria had initially bought the building for $14.3 million as part of a larger acquisition in January 2022, amidst heightened demand for life sciences real estate.  

Alexandria continues to hold other properties from the same 2022 deal. The company has been strategically selling assets to raise capital, following losses on previous acquisitions in South Boston and Newton. The River Road property was assessed at $10.5 million this year. 

Connect

Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.

  • ◦Sale/Acquisition