J.P. Morgan has forked over $215 million for the controlling interest in the former Sun Microsystems campus at Network Drive in Burlington’s Northwest Park, according to sources familiar with the deal.

The sale, considered one of the most notable in the ‘burbs since Boston Properties purchased Bay Colony Corporate Center in 2010, was first reported by Banker & Tradesman early last month.

The approximately 805,000-square-foot campus was owned by a joint venture of Minnesota-based CarVal Investors and Burlington’s Nordblom Co., which will retain its minority stake. The joint venture purchased the seven-building portfolio in 2007.

Now, the CarVal fund used to purchase the campus is closing out, so the firm needed to sell and pay its investors. And they shouldn’t have a problem doing that since the more than $250 per-square-foot the property is fetching is "a very big price per-square-foot for the suburban market," one industry insider told Banker & Tradesman in September.

The owners then went to work securing tenants for the 158-acre campus after Sun Microsystems chopped its footprint in half. Sun was subsequently purchased by business software company Oracle. The campus, which Sun built in 1998, is now 96 percent occupied by companies like Avid Technology, Oracle and biotherapy developer Dyax.

The property is comprised of six buildings totaling 805,000 rentable square feet with land to accommodate up to 330,000 square feet of future development, according to information from Nordblom, which will continue to manage the property.

"We are delighted with our new partnership and the fact that they also recognize the tremendous value of this world-class office park located in this dynamic Boston suburb," said Ogden Hunnewell, executive vice president for Nordblom, in a statement.

The Eastdil Secured team led by James McCaffrey, senior managing director, and Sarah Lagosh, director, represented the seller and procured the new partner.