Boston Properties Buys Waltham Woods for $106 Million from AEW

0
318
Waltham Woods

BOSTON— Newmark Knight Frank announced the completion of the $106 million sale of Waltham Woods in Waltham, MA to Boston Properties from AEW.

On behalf of AEW, Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the two-building property.

Waltham Woods comprises 880 Winter Street, a 218,700-square-foot office building that is anchored by ACI Worldwide (electronic payments), PatientKeeper (healthcare applications), Raytheon (defense contractor) and WinterWyman (talent acquisition), and 890 Winter Street, a 173,900-square-foot office building that is anchored by Enbridge (energy infrastructure). The property’s on-site amenities include two cafés, a landscaped outdoor seating area, a fitness center, a conference center and abundant underground/surface parking.

“Waltham Woods benefits from a premier location west of Route 128,” said Pullen. “The property is surrounded by a group of institutionally-owned business parks, including Boston Properties’ own Bay Colony, with a diverse roster of blue-chip employers, offering an exceptional ‘super-park’ setting.”

Corporate neighbors within immediate proximity of Waltham Woods include major defense contractor Raytheon, which operates its corporate headquarters directly adjacent to the property, and global biopharmaceutical company Alkermes, which will significantly expand its local footprint with a 220,000-square-foot office/laboratory build-to-suit that is slated for delivery in early 2020.

Founded in 1981, AEW Capital Management, L.P. (AEW) provides real estate investment management services to investors worldwide. One of the world’s leading real estate investment advisors, AEW and its affiliates manage approximately $76 billion of property and securities in North America, Europe and Asia (as of June 30, 2019). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities.

Boston Properties is the largest publicly-held developer and owner of Class A office properties in the United States, concentrated in five markets – Boston, Los Angeles, New York, San Francisco and Washington, DC. The company is a fully integrated real estate company, organized as a real estate investment trust (REIT), that develops, manages, operates, acquires and owns a diverse portfolio of primarily Class A office space. The company’s portfolio totals 50.9 million square feet and 193 properties, including 12 properties under construction.