Lincoln Property JV Acquires 962 KSF Boston-Area Campus
The partners plan to reposition the asset into a mixed-use destination.
Lincoln Property Co., in partnership with investors advised by J.P. Morgan Asset Management, has acquired The Edge, a seven-building, 962,000-square-foot office campus near Boston. The partners paid $61 million to buy the asset from Hobbs Brook Real Estate.
The team is planning to reposition the 100-acre property into a mixed-use campus to create a live-work-play environment.
Lincoln said the property’s scale and multi-building layout provide flexibility for future redevelopment and support a broader mix of office, lifestyle and complementary uses over time. The company plans to begin a value-add repositioning program to modernize the campus and expand its appeal.
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Further details are not yet finalized, a Lincoln spokesperson told Commercial Property Executive, but the firm noted the acquisition comes at a time when commercial real estate owners are responding to shifting workplace preferences and demand for mixed-use environments that combine office space with retail, recreation and community amenities.
On-site amenities at The Edge include fitness centers, full-service cafes, EV charging and planned campus engagement activities. The office park, which was the site of the Pleasure Island amusement park until it closed in 1969, borders a 540-acre conservation marshland with a 1.3-mile walking path, outdoor gathering spaces and year-round events.
The campus is also adjacent to the MarketStreet Lynnfield, a retail center offering access to shopping and restaurants. The Edge is located 12 miles northwest of downtown Boston.
A Newmark team consisting of Co-Head of U.S. Capital Markets Rob Griffin, Executive Vice Chairman Edward Maher Jr., Executive Managing Director Jim Tribble, Senior Managing Director Samantha Hallowell and Associate Director Will Sleeper represented the seller, Hobbs Brook Real Estate, in the transaction.
Closer look at the campus
The largest building is 401 Edgewater Drive with six stories and 225,000 square feet. Built in 1988, 401 Edgewater Drive had cosmetic renovations in 2003, 2010 and 2013. The building has a fitness center and cafeteria. Tenants include NorthBridge Partners, which leases 17,300 square feet, Magnus Health, Cross Insurance, Ameriprise Financial and BioPoint.
Hobbs Brook acquired the building in October 2009 as part of a $37.5 million portfolio transaction that included 301 Edgewater Drive, according to Yardi Matrix data.
701 Edgewater Drive is a five-story, 153,363-square-foot building completed in 2002 that has a conference center. It underwent cosmetic renovations in 2003 and 2013. Tenants include Tokio Marine, Prides Crossing Capital, Pallas Capital Advisors, Aevo Insurance Services, Flagstar Bank, HBCS, Thrive Skilled Pediatric Care and Hobbs Brook Real Estate.
Last year, Hobbs Brook signed a 52,751-square-foot lease with Eastern Bank at 601 Edgewater Drive, a five-story, 150,000-square-foot building with an on-site cafeteria. Built in 2001, the Class A property had cosmetic upgrades in 2009 and 2013. Other tenants include Epsilon and OneGroup.
500 Edgewater Drive, a four-story, 144,570-square-foot building that was completed in 1987 and got a cosmetic renovation in 2008. Tenants include OSF Global Services, Lignum Wealth Management, Kelman Associates, BDC Capital, Prudential and Plaza Home Mortgage.
201 Edgewater Drive is a two-story, 98,583-square-foot building completed in 1986, with cosmetic renovations in 2009 and 2017. Tenants include RWS, Odyssey Systems Consulting Group, Atlas Retail Energy and Thomas Gregory Associates Insurance Brokers.
301 Edgewater Drive is a four-story, 80,000-square-foot building completed in 1988, with cosmetic renovations in 2003 and 2016. Tenants include Regus, Ablative Solutions, GO Educational Tours, Innovation Pharmaceuticals, NuWave Technologies, Allied Mortgage, oNest Real Estate and Baystate Financial.
The smallest building on the campus is 101 Edgewater Drive, a two-story, 77,214-square-foot asset completed in 1986. The building underwent renovations in 2007, 2009 and 2017. Tenants include Arbella Insurance, Johnson O’Connor Feron and Carucci.
Expanding in Greater Boston
Lincoln is a global full-service real estate firm with more than $31 billion of assets under management. The firm’s combined management and leasing portfolio on behalf of institutional clients includes more than 720 million square feet of commercial space across the U.S., U.K. and Europe. Lincoln noted that acquiring The Edge complements other recent office campus investments in communities near Boston and anchors the firm’s long-term mixed-use vision for the Greater Boston market.
In December, Lincoln and Cross Ocean Partners purchased a 409,000-square-foot office campus in the Boston suburb of Needham, Mass., for $132 million from BXP. The property is located at 140 Kendrick St. and comprises three interconnected three-story buildings across a 16-acre site.
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