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| 800 Federal Street, Andover, MA |
BOSTON, MA - HFF announced today that it has closed the sale
of 800 Federal Street, a 235,943-square-foot, state-of-the-art
innovation center that was designed and built for Schneider Electric in
Andover, Massachusetts, a suburb north of Boston.
HFF
represented the seller, Long Wharf Real Estate Partners and Leggat McCall, in
the sale of the property. W.P. Carey,
Inc. purchased the asset for $56 million or $237 per square foot.
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| Coleman Benedict |
800
Federal Street was completed in 2014 as the U.S. research and development
headquarters for Schneider Electric, a global specialist in energy management.
The LEED-certified
property was designed to reflect the company’s technological sophistication by
incorporating its own energy-efficient products and solutions into the
facility’s design, which will reduce energy and operational costs in the long
run.
800 Federal Street
will house up to 900 employees and features a fitness center with locker rooms
and showers, multiple conference/meeting rooms and a full-service cafeteria
with seating for more than 200 employees.
Located just off Interstate 93 at Exit 45 in Andover, the
property is close to the Interstate 495 interchange about 23 miles north of
Boston.
The
HFF investment sales team representing the seller was led by senior managing
director Coleman Benedict, director Ben Sayles and real estate
analyst Patrick McAneny.
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| Ben Sayles |
Long Wharf Real Estate Partners is a Boston-based private
equity real estate manager focused on value-added investments in the U.S.
Investing on behalf of institutional clients including public and corporate
pension funds, endowments, foundations, and family offices, Long Wharf utilizes
a broad-based value-added strategy targeting opportunities in multiple property
sectors and markets across the country.
Leggett McCall, which has been an integral part of the Greater Boston
landscape since 1965, is in the business of delivering complex real estate
projects as investors, project managers and advisors.
For a complete copy of the company’s news release, please
contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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