BURLINGTON, MASS. — Nordblom Co. is planning a $215 million recapitalization of Network Drive at Northwest Park, a six-building, 805,000-square-foot office complex in Burlington. Nordblom originally acquired the property in partnership with CarVal and now completed the sale to institutional investors advised by JPMorgan Asset Management.
“We are delighted with our new partnership and the fact that they also recognize the tremendous value of this world-class office park located in this dynamic Boston suburb,” says Ogden Hunnewell, executive vice president and partner of Nordblom Co. “Burlington continues to emerge as the ‘Capitol City’ of Route 128 and this property is wonderfully situated to benefit from the vibrancy and growth in this leading market area.”
Network Drive includes land sufficient to add approximately 330,000 square feet of space. The property is situated on 158 acres adjacent to Northwest Park, a 140-acre office park that has been master-planned and permitted for up to 3.2 million square feet of mixed-use space.
Network Drive is 96 percent leased to a variety of tenants, including Exa Corp., eDialog, Memento, Dyax, Veracode and Avid Technology. The campus is also a regional headquarters for Oracle Corp.
James McCaffrey, senior managing director of Eastdil Secured, and director Sarah Lagosh represented the seller and procured the new partner.
“This is the largest suburban transaction of its kind in recent years and further validates the strength and national stature of this suburban office market,” says McCaffrey.
Nordblom Co. is headquartered in Burlington and has offices in Boston, Brookline and Raleigh, N.C. The company has approximately $1.2 billion in assets. Nordblom will continue to manage Network Drive.
— John Nelson