RJK Picks Up Boston Office Building
The asset sold at a notable discount compared to its previous transaction.
R.J. Kelly Co. has purchased 101 Station Landing, a 160,482-square-foot office property in Medford, Mass., for $11.8 million. The property traded from James Campbell Co., with the buyer securing acquisition financing from Cambridge Savings Bank.
The sale price marks a notable discount from the previous time the asset changed ownership, back in 2014, when James Campbell Co. paid $30.3 million for it, CommercialEdge shows.
The five-story building at 101 Landing Station is on an approximately 2-acre lot, within a 16-acre master-planned and transit-oriented development. Close to Wellington Station and to Interstate 93, the office building allows easy access in the Greater Boston area. Downtown Boston as well as Boston Logan International Airport are both 5 miles away.
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The office mid-rise includes four passenger elevators, 32,397-square-foot floor plates and 511 parking spots, while amenities comprise a fitness center and on-site café. The buyer plans to reposition the property, with plans calling for an enhanced tenant experience, upgraded interiors, common spaces and on-site amenities.
Newmark’s Co-Head of U.S. Capital Markets Robert Griffin, Executive Vice Chairman Edward Mahler, Vice Chairman Matthew Pullen, Associate Director William Sleeper, together with Associate Directors Joseph Alvarado and Casey Valente worked on behalf of the seller and procured the buyer.
Additionally, the company’s Boston Debt & Structured Finance team of David Douvadjian, Sr., Executive Managing Director Tomothy O’Donnell, Senior Managing Director David Douvadjian Jr. and Associate Director Conor Reenstierna represented RJK in securing the acquisition financing.
Discount deals hit Boston, prices still up
According to a recent CommercialEdge report, Boston’s office transactions generated $543 million as of April. The amount is more than doubling the metro’s volume from April last year, while also posting some of the highest sale prices, of $255 per square foot, ranking eights among top U.S. markets.
Despite the good dollar amount generated so far, there are some recent deals in Boston in which properties sold at a significant discount. One such transaction is Northeastern University’s acquisition of Burlington BioCenter, a Class A life science property totaling 109,000 square feet. The company paid $33 million for it, with $70 million less than its previous sale in 2022.
In another recent deal, Synergy picked up 99 High St., a 32-story office tower in the city’s Financial District for $227 million. The 730,208-square-foot asset traded with roughly $100 million less it’s evaluation. Nuveen was the seller, that owned the building for two decades.
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