Boston Office Buildings Trade for $58M

50 Minuteman Road. Image courtesy of Newmark

Rhino Capital Advisors has purchased two Class A office and R&D buildings in Andover, Mass., for $58 million. Peakstone Realty Trust sold the fully leased properties.

Situated 25 miles north of Boston, the two assets are 50 Minuteman Road and 6 Technology Drive. CommercialEdge data shows that Peakstone Realty Trust purchased both buildings in March 2021.

Aerospace and defense technology and solutions provider Mercury fully occupies 50 Minuteman Road. The asset totals 145,262 square feet and is located on approximately 14 acres, according to CommercialEdge data. Completed in 1997, the building stands at three stories. It includes 531 parking spaces and a fitness center.

Totaling 128,400 square feet, 6 Technology Drive is occupied by Dräger, a medical and safety technology product manufacturer. The company uses the location as a design, development and manufacturing flagship facility.

6 Technology Drive. Image courtesy of Newmark

The same data shows that 6 Technology Drive came online in 1984. The two-story building includes 5,400 square feet of laboratory space and 406 parking spaces. It sits on an approximately 13-acre lot.

Interstate 93 and 495 offer tenants of 50 Minuteman Road and 6 Technology Drive access to the larger Boston, Massachusetts and Northeastern territories.

Newmark’s Robert Griffin, co-head of U.S. capital markets, Edward Maher, executive vice chairman, Matthew Pullen, vice chairman, and Samantha Hallowell, senior managing director, represented the seller and procured the buyer.

Boston continues to grow

With their close proximity to Boston, both assets are nearby some 2 million square feet of existing and developing life science projects. More than half, specifically 54.8 percent, of Boston’s current office supply pipeline was life science space as of January. Considering the city’s popularity for life science and research, paired with a strong university presence, the Boston market holds the largest under-construction office supply in the nation.

Recently, One Boston Wharf, a 707,000-square-foot office building in Boston, topped out. Upon its completion in 2024, Amazon is set to house the building’s entire office space. The developer, WS Development, completed a similar high-rise Boston office building previously.