BOSTON, MA – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the $18 million sale of and arranged $12.5 million in financing for Tower at Northwoods, a 180,000-square-foot, Class A office asset in the suburban Boston community of Danvers, Massachusetts.
HFF marketed the property on behalf of the seller, LNR Partners, Inc. Additionally, HFF worked on behalf of the new owner to secure the 10-year, fixed-rate acquisition loan through East Boston Savings Bank.
Tower at Northwoods is located at 222 Rosewood Drive less than one mile from both Interstate 95 and Route 1 in Danvers. This location is 20 minutes north of Boston and proximate to many of Boston’s premier suburban communities along Interstate 95 and the North Shore. Completed in 1990, the 11-story office building is 90.8 percent leased to tenants, including Copyright Clearance, MetLife and Royal Bank of Canada. The institutional-quality asset offers an on-site full-service café, fitness center and 24/7 security.
The HFF investment sales team representing the seller was led by managing director Chris Phaneuf and senior real estate analyst Patrick McAneny. LNR Partners, Inc. was represented by Dustin Smith, vice president of U.S. Asset Services – Real Estate Asset Management.
HFF’s debt placement team representing the borrower was led by director Brett Paulsrud.