The real estate firm Nordblom Co. announced the acquisition of the former Palomar Medical Technologies world headquarters at 15 Network Drive in Burlington.
Nordblom, in conjunction with its partner Network Drive Owner LLC, said it purchased the 130,000 square-foot building for $25.75 million from Cynosure Inc., which recently acquired Palomar.
Real estate services firm Cushman & Wakefield represented the seller in the transaction. Cynosure will continue to lease the building through June 2014.
The acquisition of 15 Network Drive brings the entire 158-acre campus of Network Drive at Northwest Park under single ownership, Burlington-based Nordblom said.
“This acquisition allows us to re-assemble this entire office campus,” Ogden Hunnewell, executive vice president/partner of Nordblom, said in a statement. “Furthermore, the rest of the park is fully leased so we will now be able to offer additional first-class office/life sciences space in this lovely headquarters building.”
Network Drive at Northwest Park is a 936,000 square foot office campus located near the intersection of Routes 128 and 3. Currently comprised of seven office buildings plus a large amenity center, Network Drive has sufficient land to accommodate an additional 250,000 square feet of future buildable area, Nordblom said.
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