CrossHarbor Capital Acquires 1.2 MSF Office Complex Near Boston for $227M
LOWELL, MASS. — CrossHarbor Capital Partners has acquired Cross Point, a 1.25 million-square-foot office complex located roughly 30 miles northwest of Boston in Lowell, for $227 million, according to reports by the Lowell Sun.
The seller was Anchor Line Partners, which acquired the property for $100 million in 2014. The property was built in the early 1980s as the headquarters for Wang Laboratories, which owned the property until the company’s 1994 bankruptcy.
Cross Point consists of three internally connected, 14-story office towers. Shared amenities include multiple restaurants and cafés, a fitness center, lawn auditorium, on-site daycare and event space.
The property serves as the corporate headquarters for workforce management software company Kronos, which occupies more than 435,000 square feet at the property, according to lease agreements brokered by Cushman & Wakefield on behalf of Kronos in 2016. The company occupies the entire first tower — deemed the Kronos Tower — and additional floors in the second tower.
Boston-based CrossHarbor Capital Partners is a commercial real estate investment and asset management firm. The company has invested in more than $13 billion worth of commercial real estate on behalf of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities.
Anchor Line Partners, also based in Boston, is an investment firm focused on core-plus, value-add and opportunistic investment opportunities in the commercial real estate sector.
— Katie Sloan