Marlborough office building sold for $5.3M
Courtesy of Novaya Real Estate Ventures
Novaya Real Estate Ventures purchased the vacant office building at 397 Williams St. in Marlborough March 13 for $5.26 million.
A Boston-based real estate investment firm has purchased a large, vacant office building for $5.26 million.
Deed records indicate that NV Williams Street LLC, an affiliate of Novaya Real Estate Ventures, bought a former Fidelity Investments’ site in Marlborough on March 13 from the Williams Street Realty Trust, an affiliate of The Gutierrez Co, a real estate development firm based in Burlington.
Novaya was joined in the purchase by Odessa Marlborough LLC, affiliated with Adam Berger of Needham.
Novaya was able to purchase the 129,438-square-foot office building at a steeply-discounted price of less than $40 per square foot, said Jeffrey Theobald, a principal and vice president. Novoya considers the building at 397 Williams St. to be Class B office space that can be modernized through renovations.
Theobald said the company plans to make capital improvements to the slightly dated building and lease it to either a single large tenant seeking 100,000 to 130,000 square feet or several mid-sized tenants looking for 30,000 to 60,000 square feet.
Novaya was pleased with the property’s good price, Theobald said, as well as its access to Route 20, Interstate 495 and the Mass Pike. Novaya believes the property will benefit from the recent strengthening of the real estate market in Framingham and Natick.
Fidelity vacated both the Williams Street site and its much larger campus on Puritan Way in 2012, relocating the 1,100 jobs to offices in New Hampshire and Rhode Island. The Gutierrez Co. bought the property in April 1985 for $750,000, according to city records.
Novaya was founded in 2011 and has bought 18 properties in Greater Boston over the past two years, Theobald said. But this is the company’s first acquisition in MetroWest, he said.
Updated at 1:40 p.m. with additional information from Novaya
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