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Boston & New England  + Office  | 

Novaya Trades Office Asset in Suddenly “Challenging” Environment

A joint venture between Novaya Real Estate Ventures and Hawk Properties completed the sale of 55 Technology Dr. in Lowell, MA to Legacy Real Estate Ventures, led by Michael Price. Terms weren’t disclosed.

The property is an 89,004-square-foot, two-story office and flex building, which Novaya acquired in 2012 as part of a two-building deal.

“We are very encouraged that real estate deals are getting done during what has quickly become a challenging economic environment,” said Novaya principal Peter Carbone. “This property has performed well for us for the past several years, and we expect similar results for Michael and his team.”

The deal was financed with debt by Woodman’s of the World, through NorthMarq Capital, and was brokered by Anthony Biette of Peak Real Estate Partners. The property, which is 100% leased to five tenants, will be managed by Legacy affiliate Eastport Real Estate Services.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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