4/11/2008

New Boston Fund sells Rivertech Park for $45.2M

by Chad King

Rivertech Park

KBS Real Estate Investment Trust has acquired the Rivertech Park in the Boston suburb of Billerica, Mass., for $45.2 million from Boston-based New Boston Fund.

Brokers from Eastdil Secured handled the negotiations for New Boston Fund.

Rivertech Park, which has an assessed value of $25.8 million, is made up of two R&D buildings at 129 Concord Rd. The buildings have a combined square footage of 286,000 square feet and are situated on 30.08 acres. They were built in 1983 and renovated in 2001 by former owner Nortel Networks.

Both buildings are 100 percent leased with Nuvera Fuel Cells occupying 110,684 in Building One and Entegris, a semiconductor materials manufacturer, occupying the 175,088 square feet in Building Two.

Address: 129 Concord Rd., Billerica, Mass.

Size: 286,000 square feet

Built: 1983

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Filed Under: Office

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