Boston Firm Buys Framingham Office Building
Making its fourth purchase in the Northeast in six months, Boston-based real estate investment firm Marcus Partners announced it has bought 115,000 square feet of Class A office space in Framingham for $14.5 million.
Tenants in the building, which Chief Investment Officer Bill McAvoy said is 95 percent occupied, include EH Publishing, The Princeton Review, Ameresco, Open Mobile and Teksystems.
On behalf of Marcus Capital Partners Fund I, Marcus Partners purchased 111 Speen St. on June 20, according to the Registry of Deeds.
The firm said it will execute a capital improvement program to modernize and transform the common areas and amenity space of the property.
Calling it a well-positioned property, McAvoy said the firm was attracted to 111 Speen St. because it's one of the highest quality properties in the Natick/Framingham area and has "many above-standard design elements." Its high visibility and easy access due to its location just off Exit 13 on the Massachusetts Turnpike added to its appeal, McAvoy said.
"This acquisition fits in well with our disciplined investment strategy of acquiring quality, well-located assets at a reasonable basis that offer a value-add opportunity," said Paul Marcus, managing principal of Marcus Partners.
So far this year, Marcus Partners has acquired 500,000 square feet of office, laboratory and medical office space in the Northeast. Growing through acquisitions in the New York, Washington, D.C., Miami, Atlanta and Boston markets, the firm owns or manages 6.6 million square feet.
According to the registry, the 12.68-acre property was sold by RREEF America Reit III Corp. Z1.
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