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March 10, 2022

Former Honeywell office sells for $3.5M in significant value drop from last sale

Photo | Google Maps A 57,000-square-foot office building in Southborough sold for about $3.5 million.

A roughly 57,300-square-foot office building in Southborough, formerly leased by Honeywell, sold for $3.53 million to Marlborough real estate firm Ferris Development on Friday.

The property at 250 Turnpike Road in Southborough was sold by New York real estate agency BLDG Management, according to the Worcester South District Registry of Deeds. BLDG Management bought the office property in 2007 for $6.7 million, more than half of what it sold for on Friday. The office building is assessed by the City of Marlborough at $3.7 million.

The three-story building has been leased to Honeywell, an industrial conglomerate headquartered in South Carolina, but it is currently listed as available for lease by international real estate firm Colliers.

The property includes nearly 10 acres of land located along Route 9, about 10 miles from the Natick Mall. 

The new owner, Ferris Development, is headquartered at 118 Turnpike Road, about a mile down from the newly acquired office building. The firm owns about 900,000 square feet of commercial office space in the MetroWest market, according to its website. In November, it sold a 110,000-square-foot property in the Westborough Technology Park for $18.3 million.

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