Wednesday, November 16, 2011
New Boston Fund Sells 70 Fawcett Street to O`Connor Capital Partners
BOSTON-November 16, 2011-New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of 70 Fawcett Street to a fund associated with O'Connor Capital Partners.
Located in Cambridge, Mass. and in the Alewife submarket, 70 Fawcett Street is a 141,000-square-foot, two story office R&D building that sits on 4.9 acres of land.
The sale of 70 Fawcett Street to O'Connor Capital Partners aligns perfectly with our disposition strategy, said Tim Medlock, President of New Boston Fund. We felt it was an appropriate time to sell this property and we are confident that it will provide the perfect site for their planned residential development.
The sale was directly negotiated between New Boston Fund and Cabot, Cabot & Forbes, on behalf of the buyer, O'Connor Capital Partners.
In 2008, New Boston Fund successfully obtained approval from the City of Cambridge to develop a 260-unit project on a portion of the site, enhancing the value of this property prior to disposition. Subsequently, New Boston had entered into contract with CC&F for the disposition of the entire site which was assigned to the buyer: O'Connor. Prior to closing on 70 Fawcett Street, O'Connor Capital Partners gained approval from the City of Cambridge to develop 429 residential units on the site.
O'Connor Capital Partners' local team includes both CC&F and Leggett McCall Properties who will be providing fee-based development management services to implement the 428 unit, multi-family residential development business plan.
New Boston acquired 70 Fawcett Street through Fund VI in two phases. In 2003, Level 3 Communications sold New Boston the 4.9 acres of land and its interest in a ground lease. In 2005, New Boston then acquired the leasehold interest which included the 141,000-square-foot building. New Boston Fund does not disclose sales prices for its transactions.
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 $4.4 billion, including 23 million square feet of commercial real estate and 7,500 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. The New Boston Fund: People, Values, Returns.
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