Equity Office sells Burlington office park for $216m
Equity Office and Blackstone have sold New England Executive Park, a 10-building office park in Burlington, to Charles River Realty Investors and National Development for $216 million, said a broker involved in the transaction.
The broker is Cushman & Wakefield.
The park is 86-percent leased and is poised for the development of an additional 750,000 gross square feet of new ground-up development, Cushman & Wakefield said.
New England Executive Park is currently permitted for office, commercial, retail, hotel and structured parking. The park’s amenities include parking for 3,352 vehicles, two full-service restaurants, a state-of-the-art fitness center, bank and credit union, a dry cleaner, a tailor, and a conference center. It is located near the Burlington Mall.
Cushman & Wakefield said its capital markets team exclusively represented the buyer and seller.
“New England Executive Park is one of the best ‘super parks’ in New England,” Robert Griffin of Cushman & Wakefield said in a statement. “This was a great opportunity for Charles River Realty Investments and National Development to purchase an asset with strong, diverse tenancy in a thriving and transforming area.”Chris Reidy can be reached at firstname.lastname@example.org.