The Wellesley Office Park, a master-planned office park in suburban Boston, traded hands this month as HFF announced that it had closed the sale of the trophy office park for $237 million. The Blackstone Group's Equity Office Properties affiliate sold the 649,184-square-foot office park in Wellesley to John Hancock, of the wholly owned subsidiary of Manufacturers Life Insurance Co. (Manulife Financial), Toronto. Terms of the deal were not disclosed.
"Wellesley Office Park can easily be considered ‘best in class' and embodies all the long-term criteria standards of institutional investors: irreplaceable setting, convenient access, on-site amenities and marquee tenancy," said Coleman Benedict of HFF. "This distinction is overused in today's environment and only truly applies to those office properties that consistently outperform their peer group, regardless of market conditions."
"This property represents the type of high-quality asset we acquire in key markets as a priority for our strategic plan. The strong tenant roster and superb location make this an excellent addition to our investment portfolio," Ted Willcocks, Global Head of Asset Management for Manulife Real Estate told Commercial Property Executive.
The campus is comprised of eight buildings totaling nearly 650,000 square feet on William Street, off Route 9 and overlooking the Charles River. Blackstone tapped HFF to market the complex in September, according to a Boston Business Journal article. The complex was 90% leased at the time of sale to tenants including AXA Equitable Life Insurance, Northwestern Mutual Life, Bank of America Merrill Lynch, Newton-Wellesley Hospital, Wells Fargo, Morgan Stanley, Eagle Investment Systems, Stream Global Services, UBS, Benchmark Senior Living, REZ-1, Baystate Financial, and F-Squared Investments.
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