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Staples Sells Framingham HQ for $16.5M

Photo courtesy of the city of Framingham.

Struggling office supply retail chain Staples has sold its Framingham headquarters to a major, New York-based REIT.

An LLC controlled by Vornado Realty Trust bought the building at 500 Staples Drive last week, according to documents filed in the Middlesex South Registry of Deeds.

The purchase price was $16.5 million. A $9 million mortgage was supplied by a Cayman Islands-based investment company.

Staples signed a 25-year lease with Vornado following the transaction.

The 636,186-square-foot building sits on 47.93 acres next to the intersection of the Massachusetts Turnpike and Route 9 and is appraised at $62.92 million, according to the city’s property records database.

B&T Daily