Nordblom Company Announces Recapitalization of Network Drive in Partnership with J.P. Morgan Asset Management
Burlington, MA - Nordblom Company is pleased to announce the $215 million recapitalization of Network Drive at Northwest Park in Burlington, MA. Nordblom originally acquired the property in partnership with CarVal, an affiliate of Cargill, and now completed the sale to institutional investors advised by J.P. Morgan Asset Management. The Eastdil Secured team led by Senior Managing Director James McCaffrey and Director Sarah Lagosh represented the seller and procured the new partner.
The property is situated on 158 acres near the intersection of Routes 128 and 3 in Burlington, MA and is comprised of six existing buildings totaling 805,000 rentable square feet with sufficient land to accommodate up to an additional 330,000 SF of future buildable area. Nordblom Company will continue to manage the property, which is adjacent to Northwest Park, their existing 140-acre commercial office park which has been master-planned and permitted for up to 3.2 million SF of retail, multi-family and office space.
“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,” stated Ogden Hunnewell, Executive Vice President and Partner of Nordblom Company. “Burlington continues to emerge as the ‘Capitol City’ of Rt. 128 and this property is wonderfully situated to benefit from the vibrancy and growth in this leading market area,” he continued.
“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,” noted Jim McCaffrey, Senior Managing Director of Eastdil.
Network Drive is now 96% leased and occupied. The campus also features the world headquarters of a variety of exciting companies including: Exa Corp., eDialog, Memento, Dyax, Veracode and Avid Technology plus a regional headquarters for Oracle Corp. The fully-permitted, build-to-suit parcel can accommodate up to 330,000 SF and immediately abuts the existing campus.
Network Drive at Northwest Park is the very essence of a forward-looking property. Featuring the latest technology and contemporary architecture, the campus is designed with an eye towards sustainability, efficiencies and expansion. Network Drive is a distinctive world-class office park situated on an expansive 158-acre campus at the intersection of four major arteries. Built to institutional standards, the property features quality finishes with a robust infrastructure. The range of tenancies reflect its capabilities with the headquarters for software, life sciences, social networking and other technology. It is located at the intersection of Routes 128 and 3 in Burlington, only 20 minutes from downtown Boston and 25 minutes from southern New Hampshire.
About Nordblom Company:
Nordblom Company is a real estate enterprise with an 85-year history of investing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Massachusetts with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom Company has $1.2 billion in assets under management.
About Eastdil Secured:
Eastdil Secured is The Real Estate Investment Banking Company that uniquely combines capital markets expertise with an in-depth understanding of real estate fundamentals to execute a wide range of real estate transactions to meet the needs of our clients.
About J.P. Morgan Asset Management – Global Real Assets
J.P. Morgan Asset Management – Global Real Assets has approximately $62.8 billion in assets under management and more than 400 professionals in the U.S., Europe and Asia, as of June 30, 2012. With a 40-plus-year history of successful investing, J.P. Morgan Asset Management – Global Real Assets’ broad capabilities provide many of the world’s most sophisticated investors with a global platform of real estate, infrastructure, maritime/transport and energy strategies driven by local investment talent with disciplined investment processes consistently implemented across asset types and regions.