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Boston Developer Buys Lowell Office Property for $13M

Mar 31, 2020 | Reprints | Unlock Link | Print

Photo courtesy of Novaya Real Estate Ventures

Novaya Real Estate Ventures and Hawk Properties have completed the sale of 55 Technology Drive in Lowell for $13 million to Legacy Real Estate Ventures of Boston.

55 Technology Drive comprises 89,000 square feet of office and flex space occupied by Lowell General Hospital, Borrego Solar, the Commonwealth of Massachusetts, Contract Logix and Diagnosys. The sellers renovated all of the tenant spaces during their eight-year ownership period.

“55 Tech Drive is a well-located property with a very stable mix of core tenants. Given the quality of tenancy and level of maintenance performed by Novaya over the years, we expect this to be a solid investment for years to come,” Michael Price, principal at Legacy Real Estate Ventures, said in a statement.

Woodmen of the World Life Insurance Society provided $8.75 million in mortgage financing.

Eastport Real Estate Partners will manage the property.

B&T Daily