{"id":1004142904,"date":"2016-04-27T04:25:08","date_gmt":"2016-04-27T12:25:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004142904"},"modified":"2020-04-14T22:27:09","modified_gmt":"2020-04-15T06:27:09","slug":"north-boston-office-asset-commands-22m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/north-boston-office-asset-commands-22m\/","title":{"rendered":"North Boston Office Asset Commands $22M"},"content":{"rendered":"

By Bogdan Odagescu, Associate Editor<\/em><\/p>\n

\"200<\/a>

200 Exchange St., Malden, Mass.<\/p><\/div>\n

Boston<\/strong>\u2014HFF<\/a> recently closed the sale of 200 Exchange St., a 314,176-square-foot office property<\/a> in Malden, Mass. The four-story asset traded for approximately $21.7 million.<\/p>\n

An HFF team led by Senior Managing Director Coleman Benedict, Managing Director Chris Phaneuf and directors Ben Sayles and Mark Campbell represented the seller, KBS Real Estate Investment Trust<\/a>, while also procuring the buyer, Berkeley Investments<\/a>.\u00a0Asset manager Gramercy Property Trust<\/a> acted as advisor for KBS.<\/p>\n

Mere\u00a0steps away from the Malden Central MBTA station for the Orange line, 200 Exchange St. is transit-oriented and less than 20 minutes away from downtown Boston. Positioned alongside Route 60, the location offers quick access to I-93 and Route 1 for many commuter destinations in the Boston metro area<\/a> and the North Shore.<\/p>\n

According to Malden public records, the brick-and-steel building was completed in 1985 on a 2.39-acre lot, and its 2016 assessment evaluates the property at $33.5 million, out of which $13.1 million represents land value. The property was originally constructed as an operations center for Bank of Boston. The last time 200 Exchange St. changed hands was in January 2005, for little over $24.6 million.<\/p>\n

Berkeley Investments is currently planning to reposition the property and is working with Stantec on a capital renovation program. The revamping will include improvements to the streetscape, as well as complete interior renovations.<\/p>\n

The new owner intends\u00a0to turn 200 Exchange St. into a mixed-use<\/a> facility with street level retail, an up-to-date data center<\/a> on parts of the first and second floors and nearly\u00a0200,000 square feet of creative office space on the upper floors. The repositioning will also bring a new fitness center, shared conference room, bike storage facilities and updated lobby.<\/p>\n

\u201cMalden Center is currently undergoing a dramatic transformation as a downtown redevelopment is underway that will reconnect streets, relocate City Hall, and introduce hundreds of new residential units along with numerous new retail destinations\u2026With a lower price point than other close-in suburbs and with immediate T access, Malden is emerging as a new residential and commercial hub for the region and 200 Exchange Street is well positioned to both contribute to and benefit from this transformation,\u201d said HFF’s Sayles in prepared remarks.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The new owner plans to turn the four-story building at 200 Exchange St. into a mixed-use facility featuring retail, a data center, and almost 200,000 square feet of creative office space.<\/p>\n","protected":false},"author":740,"featured_media":1004142906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21755,21743,21782,21783,21752,21742,10,21747],"tags":[],"class_list":["post-1004142904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-data-centers","category-deals","category-development","category-investment","category-mixed-use","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"\nNorth Boston Office Asset Commands $22M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/north-boston-office-asset-commands-22m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North Boston Office Asset Commands $22M\" \/>\n<meta property=\"og:description\" content=\"The new owner plans to turn the four-story building at 200 Exchange St. into a mixed-use facility featuring retail, a data center, and almost 200,000 square feet of creative office space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/north-boston-office-asset-commands-22m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-04-27T12:25:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-15T06:27:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/200-Exchange-St.-Malden-Mass..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"799\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/north-boston-office-asset-commands-22m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/north-boston-office-asset-commands-22m\/\",\"name\":\"North Boston Office Asset Commands $22M - 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