{"id":1004245850,"date":"2018-07-30T01:43:43","date_gmt":"2018-07-30T09:43:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004245850"},"modified":"2022-12-09T01:37:09","modified_gmt":"2022-12-09T09:37:09","slug":"metlife-investment-management-buys-boston-office-asset-for-97m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metlife-investment-management-buys-boston-office-asset-for-97m\/","title":{"rendered":"MetLife Investment Management Buys Boston Office Asset for $97M"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

\"89<\/a>

89 A St. in Needham, Mass.<\/p><\/div>\n

The creative office building at 89 A St. in Needham, Mass., has come under new ownership, courtesy of a transaction orchestrated by NKF Capital Markets. Acting on behalf of Normandy Real Estate Partners and Westbrook Partners, the commercial real estate advisory firm sold the approximately 247,500-square-foot property to MetLife Investment Management for $96.5 million.<\/p>\n

89 A St. sits within Founders Park, Normandy\u2019s 41-acre redevelopment of the former General Dynamics campus in the Route 128 submarket. Normandy commenced the transformation of 89 A St. as a speculative project in 2016 and before construction reached completion, household appliance company SharkNinja had signed a 178,000-square-foot lease to house its global headquarters in the building.<\/p>\n

\u201cOffering open, collaborative office space in a dynamic mixed-use location with seamless accessibility, 89 A St. enables tenants to attract and retain a modern workforce,\u201d<\/em> Matthew Pullen, an executive managing director with NKF Capital Markets, said in a prepared statement. \u201cSharkNinja\u2019s headquarters commitment at 89 A St. underscores this competitive advantage\u2014the firm consolidated four locations across Needham and Newton to the property.\u201d<\/em> SharkNinja\u2019s lease was soon followed by a commitment from Steward Health Care, which signed on for 52,000 square feet.<\/p>\n

Along with Pullen, the NKF team representing Normandy and Westbrook in the transaction included Edward Maher, vice chairman; James Tribble, director; and Samantha Hallowell, associate director.<\/p>\n

Suburban appeal<\/strong><\/h2>\n

Boston\u2019s CBD continues to be a favorite among office buyers, but outlying locales like Needham have their admirers, too. \u201cInvestors seeking higher yields and greater opportunities are driving suburban investment activity,\u201d<\/em> according to a second quarter 2018 report by commercial real estate services firm NAI Hunneman.<\/p>\n

Suburban Boston properties that recently changed hands include 67 S. Bedford St., a 176,900-square-foot property in Burlington, which The Carlyle Group purchased for $55 million. The 65-acre former Reebok headquarters campus in Canton<\/a> sold to Spear Street Capital in an $88 million transaction. And in another disposition arranged by NKF Capital Markets, National Development and Charles River Realty Investors sold the approximately 208,100-square-foot 101 Station Drive in Westwood to AEW Capital Management for $53.1 million<\/a>.<\/p>\n

Image courtesy of Normandy Real Estate<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Standing in for Normandy Real Estate Partners and Westbrook Partners, NKF Capital Markets arranged the sale of the 247,500-square-foot property at 89 A St. in Needham, Mass.<\/p>\n","protected":false},"author":969,"featured_media":1004245886,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21783,21742,10,21747],"tags":[38840,32924,35213,36007,33267,35227],"class_list":["post-1004245850","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-featured","category-investment","category-latest","category-northeast","category-office","tag-matthew-pullen","tag-metlife","tag-nai-hunneman","tag-newmark-knight-frank","tag-normandy-real-estate-partners","tag-westbrook-partners"],"acf":[],"yoast_head":"\nMetLife Investment Management Buys Boston Office Asset for $97M - 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