Nordblom Company Acquires 15 Network Drive in Burlington, MA
Nordblom Company announced the acquisition of the former Palomar Medical Technologies world headquarters at 15 Network Drive in Burlington, MA. Nordblom, in conjunction with its partner, Network Drive Owner, LLC, purchased the 130,000 SF building for $25.75 million from Cynosure, Inc (NASDAQ: CYNO) who recently acquired Palomar. The Cushman & Wakefield team led by Executive Director Matt Pullen, President Rob Griffin, Executive Vice President Mike Frisoli and Vice Chairman Ed Maher represented the seller. Cynosure will continue to lease the building through June 2014. The acquisition of 15 Network Drive brings the entire 158-acre campus of Network Drive at Northwest Park under single ownership.
“This acquisition allows us to re-assemble this entire office campus,” noted Ogden Hunnewell, Executive Vice President/Partner of Nordblom. “Furthermore, the rest of the Park is fully leased so we will now be able to offer additional first-class office/life sciences space in this lovely headquarters building,” he continued.
Network Drive at Northwest Park is a 936,000 SF world-class office campus located near the intersection of Routes 128 and 3. Currently comprised of seven office buildings plus a large amenity center, Network Drive has sufficient land to accommodate an additional 250,000 SF of future buildable area. Prominently located adjacent to the unmatched amenities that Burlington has to offer, the campus features world headquarters for a range of technology and life sciences companies including Exa Corp., Dyax, Veracode, e-Bay Enterprise, Avid Technology plus a regional facility for Oracle Corp.