Tuesday, February 26, 2008
New Boston Fund Sells Five Burlington Woods
Class A office building acquired by ELV Associates, Inc.
BURLINGTON, MA (February 26, 2008) - New Boston Fund, Inc., a real estate investment, development and management firm, recently announced the sale of Five Burlington Woods to ELV Associates, Inc. Five Burlington Woods is a Class A, three-story, 103,973-square-foot office building, 94 percent leased, located on more than three landscaped acres in Burlington, Massachusetts.
Five Burlington Woods brought a unique value-add investment opportunity within the Boston suburban marketplace, said Jonathan Gillman, Senior Vice President, Asset Management at New Boston Fund. Having stabilized the asset, we were able to recognize the opportunity for appropriate returns for our investors and allow us to focus our attention on future value-add opportunities in the marketplace.
Five Burlington Woods was constructed in 1982 and is located 12 miles northwest of Boston, off of Route 128 within the Burlington Woods Office Park. The property is also located minutes from I-93, Route 3A, and the Middlesex Turnpike as well as less than a mile from other amenities including the Burlington Mall, Wayside Commons, and the Boston Marriott Burlington.
About half of the building is leased by Fay, Spofford, & Thorndike, a company that provides engineering solutions. Other tenants include Hollister Associates and Linear Properties. Five Burlington Woods was acquired by New Boston in 2001 with funds from New Boston Fund V. Jones Lang LaSalle was New Boston`s broker on the sale.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.0 billion including 20 million square feet of commercial real estate and 6,700 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value add and urban real estate investment funds with a focus on diversification and capital preservation. New Boston Fund: People, Values, Returns.
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