New York-based W.P. Carey sold a 132K SF office building in Quincy for 78% less than it paid for it more than a decade ago, as its sole tenant, Arbella Insurance, prepares to move to the building next door.
Adding insult to injury, the buyer is the one who signed Arbella away.
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Quincy-based FoxRock Properties paid $5.5M for 1100 Crown Colony Drive, according to an Oct. 21 deed. In March 2024, it acquired 1200 Crown Colony for $6M from Bridge Investment Group, which had bought that property in 2018 for $43M.
W.P. Carey, a 53-year-old REIT that invests in single-tenant, net-leased assets, bought 1100 Crown Colony for $25.5M in 2013, a year after Arbella renewed its lease at the building.
FoxRock, owned by Granite Telecommunications CEO Robert Hale Jr., landed Arbella with a 178K SF lease at the 236K SF 1200 Crown Colony property last year, Banker & Tradesman reported.
FoxRock and W.P. Carey didn't respond to Bisnow's requests for comment.
Crown Colony is a 135-acre campus that was approved for the development of up to 22 office buildings, 14 of which have been developed. The campus also has a 500-unit apartment complex and a 465-room Marriott Hotel.
FoxRock isn't the only developer bargain shopping at the office park.
In June 2024, Westwood investor Ali Lofti paid $5.5M to acquire the 120K SF building at 400 Crown Colony Drive, less than a third of the $18M that UBS paid in 2005.
In May of this year, Atlantic Development proposed plans to demolish a vacant office building at 1600 Crown Colony Drive and build a 315-unit, active adult community. The developer bought the site of the former Harvard Pilgrim Health Care headquarters for $11M in 2025.
The proposal came after the city approved zoning changes in 2025 that would allow mixed-use development to take shape at the office park.
FoxRock's portfolio includes more than 5M SF of medical, office, retail and industrial space primarily along Route 3 on the South Shore. The firm is also engaged in development, most notably its 556K SF Ashlar Park mixed-use development in Quincy.
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