The 600,000-square-foot Unicorn Office Park is expected to hit the market in four to six weeks and fetch prices as high as $130 per square foot, according to industry sources.

The Woburn park was purchased by RREEF several years ago for a New York-based equity fund. That fund’s assets are handled by JP Morgan, which replaced RREEF as the portfolio manager about two years ago after determining the buildings were not performing as well as they expected.

JP Morgan tried breathing life into the six-building property by making the buildings more environmentally-friendly and creating a new fitness center, but it still was not good enough for the fund manager. The office park is about 80 percent occupied. Eastdil Secured is marketing the space, but could not be reached for comment.

"I assume the whole thing will be bought by an investor, potentially a Greater Boston owner," said John Boyle, a partner in FHO Partners who is on the firm’s corporate advisory team. "It’s got some excellent tenants, but it needs an operator that can bring back the spark."

Some industry sources who wished to remain anonymous said they are interested to see how it plays out because it is in Woburn, and not the more popular Waltham. However, Mark Norton, a broker with Lincoln Property Co., said, "It’s historically a solid asset with consistent vacancy rates and market rents. It’s reflective of the northern office Boston market. It has everything from lower cost alternative options to high-end office space."

 

JP Morgan To Seek Buyer For Woburn’s Unicorn Office Park

by James Cronin time to read: 1 min
0