Less than a year after landing a full-building lease with Amazon Robotics in North Reading, Atlantic Management sold the property for more than twice what it paid.
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New York-based Lightstone Group has agreed to acquire the 139K SF office building at 400 Riverpark Drive in North Reading for $43M from Atlantic Management, according to an Avison Young report.
Atlantic acquired the property in 2021 for $20M from DivcoWest and Taurus Investment Holdings.
Amazon Robotics has been in the office building for more than a decade, but it renewed and expanded its lease at the end of last year. The company initially occupied less than 41K SF but expanded into the rest of the building, CoStar reported.
The building is also home to Bright Horizons daycare, which has a separate entrance. Amenities include a yoga studio, fitness room, barista bar and open seating area, according to a CBRE listing.
A CBRE broker confirmed the building had sold but declined to comment further. The sale has yet to appear in property records.
A Lightstone spokesperson declined to comment, and Atlantic didn't respond to Bisnow's request for comment.
The building is part of a master-planned campus that includes six other buildings.
Atlantic still owns nearby 200 Riverpark Drive, a biomanufacturing facility home to Takeda Pharmaceuticals.
Kiva Systems moved into a 163K SF office at the 229K SF building at 300 Riverpark Drive in 2010. Amazon Robotics acquired Kiva in 2012 for $775M. That building was sold in 2022 for $82.5M to Wheelock Street Capital and Camber Development.
Lightstone, run by real estate billionaire David Lichtenstein, has been slowly growing its New England portfolio in the last couple of years.
In March, the firm acquired a 122K SF Rhode Island manufacturing facility at 100 Technology Way for $68M. The same month, Lightstone acquired a life sciences building at 3 Burlington Woods Drive in Burlington for $16.5M.
The New York company has assets in 27 states, including 25,000 multifamily units, 14.6M SF of industrial and retail space, and 1M SF of life sciences space. It launched a $500M fund in 2024 targeting distressed commercial real estate debt and equity.
