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Boston Properties Banks $128M for 11-Building Flex/Office/Data Portfolio in Springfield
Boston Properties, Inc., has sold an 11-building portfolio comprising approximately 740,000 square feet of flex/office, industrial and data center space in Springfield, VA for $127.5 million. The asset was acquired by Bethesda, MD-based Finmarc Management, Inc.
William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties, Inc.
Michael Zelin and Marshall Scanlon of Cushman & Wakefield procured the seller’s financing will Joe Hoffman and Aaron Rosenfeld of Kelley Drye & Warren provided legal services and Cliff Mendelson of Met Cap Advisors consulted.
Situated adjacent to Interstate 95 and Fairfax County Parkway, the buildings range from 27,000 to 105,000 square feet of space with six of the 11 currently 100% leased and occupied.
“We acquired this portfolio at below replacement cost and the in-place tenancy, which includes several federal government entities, will generate steady cash flow,” said Finmarc principal Neil Markus. “We believe well-located and best-in-class flex/office and industrial buildings situated in the outer ring suburbs will continue to flourish.”
- ◦Sale/Acquisition
