Cushman & Wakefield today announced that Equity Office and Blackstone have sold New England Executive Park to Charles River Realty Investors and National Development for $216 million. New England Executive Park is a ten-building office park totaling over one million square feet located in Burlington, Massachusetts, one of the top suburban submarkets in Greater Boston. This “super park” is situated directly off Route 128 (U.S. Interstate 95), only minutes from Route 3 and U.S. Interstate 93. Cushman & Wakefield’s Capital Markets team of Robert E. Griffin, Jr., Edward C. Maher Jr. and Matthew E. Pullen, along with leasing specialist Mark Roth, exclusively represented the buyer and seller.
“Charles River Realty Investors and National Development expressed significant interest in the portfolio due to the property’s redevelopment potential, unmatched location and quality of buildings and tenancy. This sale is certainly mutually beneficial on both ends,” said Mark Smith, Market Managing Director, Equity Office.
The 86% leased portfolio consists of 1,3,6,7,8,12,15,16,17 and 24 New England Executive Park. Poised for a dramatic development of an additional 750,000 gross square feet of new ground-up development, New England Executive Park is currently permitted for office, commercial, retail, hotel and structured parking. The park maintains exceptional on-site amenities including parking for 3,352 vehicles, two full-service restaurants, a state-of-the-art fitness center, bank and credit union, a dry cleaner, a tailor