Photo courtesy of Newmark

A three-building Billerica office park has sold to local office landlord KS Partners.

The 362,550-square-foot class A campus was recently renovated adding updates to its exterior, lobbies and on-site amentias. The amenity package includes a cafe, fitness center with lockers and showers, conference center, game room and collaboration/training center, as well as an outdoor patio, bocce court and seating area.

Occupancy status for the property was not immediately available.

Newmark Co-Head of U.S. Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Samantha Hallowell of the firm’s Boston Capital Markets Group represented the seller and procured the buyer.

“Concord Road Corporate Center is strategically situated along the Route 3 corridor, which is a primary destination for technology and innovation tenants,” Matthew said in a statement. “The asset is well suited to accommodate the open, collaborative layouts that are typically sought after by these users via its flexible floor plates, expansive window line and up to 12-foot ceiling heights.”

The northern Interstate 495 corridor, where Billerica is located, has a vacancy rate of 20.7 percent across nearly 19 million square feet of office inventory in the third quarter, according to Newmark research but saw over 209,000 square feet of positive absorption between July and September. Class A asking rents in the area sit at $24.02 per square foot.

Billerica Office Park Trades for $12.5M

by Banker & Tradesman time to read: 1 min
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