Monday, January 14, 2013
NEW BOSTON FUND SELLS ALEWIFE PROPERTY
ONA II Wheeler, LLC acquires 126,140-square-foot office building at 55 Wheeler Street
BOSTON (January 14, 2013) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of 55 Wheeler Street in Cambridge, Mass. to ONA II Wheeler, LLC, an entity of O’Connor Capital Partners.
New Boston acquired 55 Wheeler, a 126,140-square-foot office building, from Abt Associates in March of 2008. At the time of the sale, 55 Wheeler was 100 percent occupied. Designed by Clark Abt, founder of Abt Associates, 55 Wheeler was constructed in 1965, and later renovated to feature an innovative design with a solar-paneled wall in the mid-1980s. Other additions were also made through the mid-1980s that eventually formed a courtyard.
“55 Wheeler was our sole remaining asset in this submarket, having recently sold 70 Fawcett, and our other properties in the Alewife neighborhood. This combined with the strong investor interest in Alewife, we determined it was an appropriate time to market the property for disposition,” said Jon Gillman, Senior Vice President of Asset Management at New Boston Fund. “The building’s full occupancy and lease structure proved to be very attractive, providing current income while offering flexibility to potentially redevelop the property as O’Connor Capital Partners is in the process of doing at the adjoining 70 Fawcett Street asset.”
In 2011, O’Connor Capital Partners acquired 70 Fawcett Street, a 141,000 square foot, two story office and R&D building with biotech space, from New Boston Fund. O’Connor Capital Partners is presently developing “The Atmark,” a 428-unit multifamily rental apartment building on the site. This development is immediately adjacent to 55 Wheeler Street and first units will be available for rent by August of 2013.
“We are delighted to be active in the Cambridge market with both sites on behalf of our ONA II fund,” said Brian Fallon, a Partner at OCP.
Located in the Concord Alewife section of Cambridge, 55 Wheeler Street has easy access to Route 2 and Boston’s affluent suburbs. Wheeler Street is located off of Concord Avenue and the Alewife Turnpike in Cambridge, and is within a half mile of the Red Line Alewife Station with easy subway access into Harvard Square, Kendall Square, Downtown Boston and beyond. The Concord Alewife area has been master planned and rezoned by the City of Cambridge to become a more vibrant, mixed-use area more in keeping with the rest of Cambridge.
New Boston Fund was represented by Frank Petz, Managing Director of Jones Lang LaSalle, and O’Connor Capital Partners represented themselves on both this transaction and its earlier acquisition of 70 Fawcett Street from New Boston Fund.
55 Wheeler was acquired as a part of New Boston’s Fund VI, a value-add commercial real estate fund which launched in 2003. New Boston focuses on value add and opportunistic investments in both the residential and commercial markets.
New Boston 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. www.newbostonfund.com
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