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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.” 

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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