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March 24, 2022

Ameresco building sells for $13M, dropping $10M in value from last sale

A large windowed building sits behind two grass plots with pink, red, and white flowers in the foreground Photo | Courtesy of Kelleher & Sadowsky Associates, Inc. Headquarters of renewable energy firm Ameresco at 111 Speen St. in Framingham

A 117,000-square-foot office building in Framingham leased to renewable energy firm Ameresco sold for $13 million on Wednesday, according to Kelleher & Sadowsky Associates, Inc., the Worcester-based real estate firm who will be the leasing agent for the building going forward.

The five-story building at 111 Speen St. bought jointly by two Boston-based real estate firms, North Colony Asset Management and Paradigm Properties. The majority of North Colony’s portfolio is focused in Greater Boston, with a few exceptions including 306 Belmont St. in Worcester, the home of UMass Memorial Medical Center, according to the company’s website.

Paradigm Properties will oversee significant renovations and provide ongoing property management at the site, according to Kelleher & Sadowsky’s press release.

The Framingham property was formerly owned by TA Realty, another Boston-based real estate firm, which bought the building in 2015 for $22.7 million. The current assessment of the property by the City of Framingham is just under $20 million. Most of the building is leased to Ameresco, as it is the company’s headquarters. Other tenants of the building include loss prevention firm DTT Surveillance, and telecom research agency Futurewei Technologies. 

The property includes 350 parking spaces and is highly visible on the Massachusetts Turnpike, situated next to the Route 30 exit. The deal was brokered by Colliers, and international real estate firm.

CORRECTION: A previous version of this story stated Kelleher & Sadowsky brokered this deal. The firm is the leasing agent, not the broker. The previous story also stated Paradigm Properties was the seller of the property, not one of the two buyers.

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