Lincoln Property, J.P. Morgan Buy 962K SF Suburban Boston Office Campus For $61M
A pair of national investment giants has acquired a seven-building office campus in Wakefield that has the potential to become something much bigger.
Lincoln Property Co. and investors advised by J.P. Morgan Asset Management paid $61M to acquire The Edge, a 962K SF office park, LPC announced Wednesday.
Hobbs Brook Real Estate sold the 100-acre campus, which it assembled and developed between 2001 and 2011 on the site of the former Pleasure Island amusement park. Neighboring properties include WS Development's open-air retail market, MarketStreet Lynnfield, and the 540-acre Reedy Meadow conservation marshlands.
In its announcement, LPC said the campus offers "a scalable footprint with significant add-value and mixed-use redevelopment potential."
"The Edge represents a compelling opportunity to acquire a large-scale campus in a fundamentally strong suburban market," LPC Senior Vice President Scott Faber said in a statement. "The Edge opportunity complements Lincoln’s recent office campus investments in urban adjacent neighborhoods within close proximity to Boston."
Newmark advised Hobbs Brook in the sale.
Hobbs Brook developed 601 and 701 Edgewater Drive in 2001 and 2003. The firm went on to acquire 301 and 401 Edgewater Drive in 2009 and the last three buildings — 101, 201 and 500 Edgewater — in 2011, Banker & Tradesman reported.
The sales prices for these deals were undisclosed.
The most recently reported lease at the campus was Eastern Bank, which committed to 52K SF in 2024. The bank consolidated its offices in Cambridge and Lynn into 601 Edgewater Drive, the Boston Business Journal reported.
Other tenants at the campus include marketing technology firm Epsilon and Arbella Insurance.
Hobbs Brook said in its 2024 release that it planned to significantly invest in 601 and 701 Edgewater Drive, including a complete renovation of the café into a full-service space, upgrading the fitness center and building a new conference center, available to all tenants on the campus.
Hobbs Brook also owns a 2.2M SF Waltham campus on Wyman Street, where it secured one of the largest leases of 2025 with French software company Dassault Systèmes renewing its 320K SF lease.
