FRAMINGHAM, Mass. — Penn Place, a 73,566-square-foot office property at 100 Pennsylvania Ave. in Framingham, MA, is scheduled to go to auction next month with a starting bid of $1.85 million.
The five-story suburban office building, which sits on 6.45 acres, is being offered through an online auction conducted by Apex Commercial Exchange (ACE). The auction is scheduled to open Sept. 14 at 11:00 AM and close Sept. 16 at 11:00 AM.
JLL is serving as the exclusive sales agent for the property in partnership with ACE.
Built in 1983 and renovated in 2022, according to the offering materials, Penn Place is currently 77% occupied. The property has 345 parking spaces and approximately 15,000-square-foot floor plates that can be subdivided for different tenant requirements.
The property is being offered fee simple, as-is and free and clear, with no asking price. The offering materials describe it as a value-add opportunity with existing rental income and additional potential from leasing approximately 16,000 square feet of available space.
Penn Place is located just off Interstate 90 near the Route 9 intersection, with access to I-495 and I-95. The property is also about a quarter-mile from Route 9 and a half-mile from the Massachusetts Turnpike, according to the offering materials.
The property is positioned within Framingham’s MetroWest office market, which the offering materials identify as the largest suburban office market in the Boston metropolitan statistical area. The surrounding employment base includes more than 700,000 jobs.
The offering materials cite an average household income of approximately $147,000 in Framingham and describe the submarket as having a 10.2% direct vacancy rate with no speculative office supply in the pipeline.
Penn Place is adjacent to Bose and is part of a corporate corridor that includes Staples, Sanofi, MathWorks and TJX. Staples previously occupied the property as its Penn Place headquarters.
The property has a diversified tenant roster spanning technology, education, professional services and life sciences. It has a reported weighted average lease term of 3.1 years and average in-place rents of $25.61 per square foot.
The offering highlights the building’s 2017 renovation, which included upgrades to the lobby, patio, restrooms and elevators. Additional amenities include an on-site fitness center, complimentary beverages, including draft beer, and a self-service convenience store with snacks and personal-care items.
The property has 340 parking spaces listed in the investment highlights, representing a ratio of 4.63 spaces per 1,000 square feet. The property details separately list a parking count of 345 spaces.
The offering describes the five-story building as having flexible floor plates capable of accommodating smaller professional-services tenants as well as full-floor users.
The auction will be conducted on a non-contingent basis. The winning bidder must provide an earnest money deposit equal to 10% of the purchase price, with a minimum deposit of $20,000, by 5 p.m. Eastern time on the day following the auction closing.
An exchange fee equal to the greater of 5% of the purchase price or $25,000 also applies.
The investment sales team from JLL includes Scott Carpenter, Patrick Shields and Chris Barry. Carpenter’s Massachusetts real estate license number is 9534161. Kevin Lipson and Cameron George of Apex Commercial Exchange are serving as ACE auction advisers.
The auction is scheduled to begin at 11:00 AM Sept. 14, 2026, and conclude at 11 AM Sept. 16, 2026. The starting bid is $1.85 million.
The offering materials describe Penn Place as an institutional-quality property being offered at a discount to replacement cost, with the potential for additional value through lease-up in the MetroWest office market.
Additional auction information, due diligence materials, demographics, frequently asked questions and sale disclaimers are available through Apex Commercial Exchange. To get more information, please click here.
Advertisement
