Lender Prudential Financial has entered into an agreement to sell Bay Colony Corporate Center in Waltham, MA for an aggregate purchase price of approximately $185 million to Boston Properties according to the Boston Herald. The purchase price consists of approximately $41.1 million of cash and the assumption of approximately $143.9 million of indebtedness. Prudential is selling the trophy property after seizing the site from former owner Eastern Real Estate last year. The closing is scheduled to occur in the fourth quarter of 2010 and is subject to customary closing conditions.
Bay Colony Corporate Center is a world-class office park located on 58 acres of forested land just minutes to downtown Boston. The four-building office park has approximately 1,000,000 square feet of Class A office space constructed between 1985 and 1998, with tenants including Cato BioVentures, Massachusetts Life Sciences Center, and Comerica Bank.
For more news and information visit Blumberg Capital Partners.
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