BOSTON–Marcus Partners, a real estate investment, management and development firm, announced the sale of 5 Branch Street, a 94,325 square foot office building in Methuen, MA for $29.5 million.
The buyer is a joint venture between AEW and Celera Properties. The building, originally a vacant office complex, underwent a dramatic transformation into a state-of-the-art medical facility with Dana-Farber Cancer Institute (DFCI) as the anchor tenant.
5 Branch is now 66% leased with 32,550 square feet of class A space available for lease.
“Our successful redevelopment of this property was a team effort, starting with Dana-Farber, which is an incredible organization both in mission and in the caliber of their people. The folks at the City of Methuen were amazingly supportive, it’s a great place to do business. Finally, both Bob Richards at Cushman representing Dana-Farber and Mike Greeley at Newmark representing us here in leasing and on the sale, did a great job that resulted in a terrific outcome for everyone,” said Peter Cameron, a Principal at Marcus Partners. “DFCI got a state-of-the-art facility in a great city, we were able to breathe new life into this asset and then hand over stewardship to a top-notch landlord in the partnership of Celera and AEW. We are very pleased with the successful fruition of the project.”