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| 200 Exchange Street, Malden, MA (Photo by Costar) |
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| Chris Phaneuf |
BOSTON, MA – Holliday
Fenoglio Fowler, L.P. (HFF) announced it has closed the $21.686 million sale of
200 Exchange Street, a
314,176-square-foot office building located in the heart of Malden,
Massachusetts, immediately across from the MBTA’s Malden Center “T”
station.
HFF exclusively
represented the seller, an affiliate of KBS Real Estate Investment Trust, Inc.,
in the transaction, and procured the buyer, Berkeley Investments, Inc. Gramercy Property Trust, as asset manager,
advised KBS on the transaction.
Originally constructed as
an operations center for Bank of Boston, this four-story property features
abundant floor loads, oversized windows, robust infrastructure and large,
efficient floorplates.
Berkeley Investments has
engaged Stantec to devise a significant renovation program that includes
improvements to the streetscape and the building’s curb appeal as well as a
complete renovation of the interior spaces.
The plan is to turn the
building into a vibrant mixed-use asset with street level retail, a state-of-the
art data center, and nearly 200,000 square feet of creative office space. Street level retail will be created on two
sides of the building adding to the already vibrant restaurant scene in the
area and appealing to the new millennials living and working in the new
downtown.
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| Mark Campbell |
Berkeley plans to take full advantage of the
building’s irreplaceable infrastructure by turning part of the first floor and
the second floor into highly sought after data center space.
Due to its original use,
the building currently has the power and redundancies necessary for data center
tenants that are cost prohibitive to install on a speculative basis.
In the remainder of the building, Berkeley
will create vibrant office space that appeals to forward-thinking creative
tenants that are price-sensitive but crave the amenities and transportation
package of an urban location.
Berkeley intends to turn
outdated office space on the upper floors into creative and efficient space by
adding sky lights, an atrium, new systems, and incorporating sought after
building amenities like a fitness center, shared conference room, bike storage,
and updated lobby.
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| Ben Sayles |
Located in Malden Center, 200 Exchange Street is
easily accessible via public transportation or the Interstate Highway
system. The property is situated
directly across the street from the Malden Center T stop, offering Orange Line
and Commuter Rail service to and from downtown Boston in less than 12 minutes.
The station is also a focal point of the
MBTA’s bus system north of Boston and will also serve as the terminus of the
future Wynn Casino shuttle service. The
property is positioned alongside Route 60, which provides direct access to
Interstate 93 and Route 1, offering multiple convenient commuting routes to
Boston and the North Shore.
The HFF investment sales
team representing the seller was led by senior managing director Coleman Benedict, managing director Chris Phaneuf and directors Ben Sayles and Mark Campbell.
“Malden Center is
currently undergoing a dramatic transformation as a downtown redevelopment is
underway that will reconnect streets, relocate City Hall, and introduce
hundreds of new residential units along with numerous new retail destinations,”
said Sayles.
“With a lower price point than other close-in
suburbs and with immediate T access, Malden is emerging as a new residential
and commercial hub for the region and 200 Exchange Street is well positioned to
both contribute to and benefit from this transformation.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
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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