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Beacon Capital Closes on Bay Colony
By Michael Hoban - GlobeSt.com
January 25, 2005 - Beacon Capital Partners dotted the Is and crossed the Ts its deal with Shorenstein Co., LLC and the State Teachers Retirement System of Ohio for the purchase of Bay Colony Corporate Center. The sale of the office park, reported by Globest.com in late December, was originally pegged at an estimated $274 million, but the final agreed upon price was $272.5 million. That equates to $27 per sf, the highest price ever paid in the Boston suburban market, topping the $265 paid for nearby Waltham Woods by ING Clarion in 2000.
"The sale of Bay Colony Corporate Center is a real win-win situation," Robert E. Griffin, Jr., president, New England Area, of Cushman & Wakefield, says in a statement.
Regarded as one of the premier office park in New England, Bay Colony is a 987,923-sf, four-building complex that overlooks the Cambridge Reservoir. The park is currently 91% occupied, with tenants that include Private Healthcare Systems, PRTM, SAP America and Oscient Pharmaceuticals.
The capital-market investment-sales team of Griffin, Edward C. Maher Jr., and Marci Griffith Loeber represented the seller and procured the buyer. The team also recently closed on the $175-million sale of the Riverfront Office Park to Rreef and the $52.5-million sale of Sterling Medical Center to Children's Hospital of Boston
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