LITTLETON, MASS. — Norcross, Ga.-based Wells Real Estate Funds has acquired the IBM | Littleton campus from a joint venture between New York-based Angelo Gordon and Newton, Mass.-based National Development. The campus, which is situated on 41 acres at 550 King St., consists of two three-story buildings containing 490,000 square feet of office space. IBM occupies the entire property on a long-term basis and currently has more than 10 years remaining on its lease. The seller had previously completed a more than $50 million renovation of the property.
“This is a great acquisition for our portfolio, and we are thrilled to add IBM | Littleton to the Wells family of tenants,” said Don Henry, Wells' chief real estate officer, in a statement. “IBM is one of the strongest names in international business, and we look forward to serving their real estate needs in Massachusetts for many years to come.”
The Capital Markets Group of Cushman & Wakefield arranged the deal, with Robert Griffin and Edward Maher, Jr., representing the seller and procuring the buyer. The acquisition price was not released.
– Coleman Wood