Two office/R&D buildings in Andover have sold for $8.9 million.
An institutional investment fund managed by the Fidelity Real Estate Group partnered with Leggat McCall in the acquisition of the buildings at 600 and 800 Federal St. The Fidelity Real Estate Group pursues value-added investment opportunities throughout the U.S. on behalf of its managed funds, according to a statement.
600 Federal St., a 115,000-square-foot, two-story office/R&D building, is 65 percent leased to three tenants – CGI Technologies, Broadcom Corp. and Alliance Imaging. 800 Federal St., a 155,000-square-foot, three-story office/R&D building, is 100 percent vacant.
Cushman & Wakefield’s capital markets group of Robert E. Griffin Jr., David J. Pergola, Christopher T. Griffin and Brian R. Doherty brokered the transaction.
"600 and 800 Federal St. are solid office/R&D assets with flexible floor plates and good base building systems," said William Gause of Leggat McCall Properties. "We are confident that the two buildings will perform well as overall Route 495 leasing fundamentals begin to recover."
The buildings were previously owned by Gale International. Last year, Gale turned over the keys to a seven-building office portfolio, including the two buildings on Federal Street.
