Boston-based Berkeley Investments announced the purchase of the office building at 200 Exchange Street in Malden, Massachusetts for $21.686 million,or about $70 per square foot. The 314,176-square-foot office building was sold by an affiliate of KBS Real Estate Investment Trust, Inc., which was advised by Gramercy Property Trust in the transaction. Full terms of the deal were not disclosed.
"Malden Center is currently undergoing a dramatic transformation as a downtown redevelopment is underway that will reconnect streets, relocate City Hall, and introduce hundreds of new residential units along with numerous new retail destinations," said Ben Sayles at HFF, which represented the seller and procured the buyer in the transaction. "With a lower price point than other close-in suburbs and with immediate T access, Malden is emerging as a new residential and commercial hub for the region and 200 Exchange Street is well positioned to both contribute to and benefit from this transformation."
Built in 1985, 200 Exchange Street was originally constructed as an operations center for Bank of Boston; due to its original use, the building currently has the power and redundancies necessary for data center tenants that are cost prohibitive to install on a speculative basis. Berkeley has already engaged Stantec to renovate the 4-story building, completing renovating the interior spaces and turning it into a mixed-use asset with street level retail, a state-of-the-art data center, and nearly 200,000 square feet of creative office space. The building is in Malden Center, directly across from the Malden Center T stop with service to and from downtown Boston in minutes.
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