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| Rendering of planned six-story, 280,000-SF corporate headquarters building for TripAdvisor in Needham, MA |
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| Riaz Cassum |
BOSTON, MA – HFF announced it has arranged an $85 million
construction loan for the six-story, 280,000-square-foot, built-to-suit
corporate headquarters of TripAdvisor in Needham, Massachusetts.
HFF
worked on behalf of the borrower, a joint venture of Normandy Real Estate
Partners and Greenfield Partners, to secure the floating-rate loan. The lender group was led by RBS Citizens and
also included People’s United Bank.
Due
for completion in 2015, TripAdvisor’s headquarters will consist of a
custom-built, LEED Certified Gold office building with an employee cafeteria,
fitness center and meeting areas, along with an 1,100- space parking
garage.
The property is situated on 4.7 acres along First Avenue in
the larger Center 128 mixed-use development directly fronting Route
128/Interstate 95 in Needham, about eight miles west of downtown
Boston.
The HFF team representing the borrower was led by senior
managing director Riaz Cassum, director Porter Terry and senior
real estate analyst Brett Paulsrud.
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| Porter Terry |
“Normandy and Greenfield had the vision and persistence to
transform an underutilized group of 1950’s era R&D buildings into an
amenity-rich corporate office location and HFF was thrilled to play a part,”
said Cassum.
The RBS Citizens and People’s United Bank teams were
respectively led by senior vice presidents William Butler and David
Lewis.
“RBS Citizens was thrilled to help both Normandy and
Greenfield bring TripAdvisor to Center 128,” added Butler.
Normandy Real Estate Partners is a leading real estate operator and
investment manager headquartered in Morristown, NJ with offices in Boston, New
York City and Washington, D.C.
Normandy currently manages a series of discretionary real
estate funds totaling approximately $1.5 billion of equity commitments.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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