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Route 128 is continuing to enjoy a late-cycle sizzle.
Boston Properties is buying the 392K SF Waltham Woods Corporate Center from New York-based Clarion Partners. The Class-A suburban office park consists of two buildings at 880 and 890 Winter St. The expected final price tag for the acquisition ranges between $105M and $107M, according to the Real Reporter.
The Waltham Woods acquisition is near Boston Properties’ 58-acre Bay Colony office park, which includes 1M SF of Class-A office across four buildings. Boston Properties paid $185M for that property in 2011.
The Route 128 Northwest submarket has had an active 2019, with more than 400K SF of positive office absorption this year. Sources expect the developer to have brand cohesion between Waltham Woods and Bay Colony given their proximity.
“Boston Properties has long been a placemaker in this market, as we’ve seen at Prudential Center and are seeing again at North Station, and other markets,” Perry Director of Intelligence Brendan Carroll told Bisnow in an email. “This purchase reaffirms their commitment to building out a desirable urbanized commercial experience in Waltham.”
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