CORNERSTONE ACQUIRES GENZYME FACILITY FOR $17.5 MILLION

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NORTHBOROUGH, MASS. — Hartford, Conn.-based Cornerstone Real Estate Advisors has acquired the Genzyme | Northborough facility for $17.5 million. Built in 1988, the property is situated on 18 acres at 11 Forbes Road in Northborough. It contains 211,600 square feet of office, R&D, and pharmaceutical production and distribution space. Genzyme is the sole tenant. The property is in the midst of an approximately $60 million renovation that will expand the facility by 40,300 square feet. It will also be seeking LEED-Gold certification. Robert Griffin, Jr.; Edward Maher, Jr.; David Pergola and Christopher Griffin represented the seller, a joint venture bwtween ING Clarion Partners and Leggat McCall Properties, and procured the buyer.

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