Andover, MA— A major suburban office complex north of Boston has changed hands through a lender-led acquisition, underscoring ongoing distress in the region’s office market, as reported by the Boston Business Journal.
According to the Boston Business Journal (BBJ), Los Angeles-based investment firm PCCP acquired the Brickstone Square office complex in Andover after emerging as the winning bidder at a recent auction. The sale was conducted by auction firm Paul E. Saperstein Co., though the final purchase price was not disclosed, BBJ reported.
The Brickstone Square campus spans approximately 1 million square feet across four buildings on a 39-acre site. As reported by BBJ, current tenants include staffing firm ALKU and the North American headquarters of Enel Green Power. However, the property is believed to be nearly half vacant based on available leasing space.
BBJ reported that PCCP previously provided a $71 million mortgage on the property in 2021, positioning the firm to take control of the asset through the auction process. The complex last traded in 2014 for nearly $60 million when it was acquired by KS Partners.
The transaction reflects broader trends across the Greater Boston office market, where declining demand and elevated vacancy rates continue to pressure asset values. According to BBJ, office buildings throughout the region have been trading at steep discounts compared to prior sales.
Among the examples cited by BBJ:
- A property in Bedford sold for $5.6 million in late 2025 after previously trading for $93.5 million in 2012.
- A four-building office portfolio in Boston’s Fort Point neighborhood sold earlier this year for $56 million—roughly one-quarter of its prior sale price a decade ago.
- Several other Boston office assets, including properties in the Financial District and Back Bay, have also sold at significant markdowns in recent months.
BBJ reports that while transaction activity has picked up, pricing continues to reflect the challenges facing the office sector, particularly in suburban markets where vacancy remains high.
The acquisition of Brickstone Square by its lender highlights a growing pattern in which creditors are stepping in to take control of underperforming office assets, as the market continues to adjust to shifting workplace dynamics and reduced space demand.
As reported by BBJ, the Andover deal is the latest sign that the correction in office real estate values across the Boston area is ongoing, with more repositioning and ownership changes likely in the months ahead.
