Insignia/ESG Brokers the Sale of Two Office Buildings in Newton, Mass. Alexandra Construction buys 40,000-square-foot building for $4.9 million; Goldstein, Kaitz, and Fellman, LLP acquires 14,400-square-foot building
BOSTON--Insignia/ESG, Inc., one of the nation's largest commercial real estate service providers, announced the sale of two office buildings--109 Oak St. and 54 Jaconet St. in Newton, Mass., in separate transactions.
The first transaction involved the sale of a three-story, 40,000-square-foot Class A office building at 109 Oak St. to Alexandra Construction for $4,895,000. Drew Nelson, Patrick Cavanagh, and Brian Barringer, Managing Directors at the Boston office of Insignia/ESG, represented the seller, SAB Realty Trust, and procured the buyer.
The three-story red brick office building at 109 Oak St. is strategically located on 64,000 square feet of land near the intersection of Oak and Needham Street in Newton, less than 2 miles from Route 128. The entire building had been previously utilized as TAC Worldwide's corporate headquarters. The new owner will use a portion of the building for its own corporate headquarters and lease the remainder of the space.
In another transaction, Insignia brokered the sale of a 14,400-square-foot Class A office building at 54 Jaconet St. in Newton to the law firm of Goldstein, Kaitz, and Fellman, LLP. Mr. Nelson and Mr. Cavanagh of Insignia/ESG represented the seller, SAB Realty Trust in the transaction. David Campbell of Trammell Crow represented the buyer in the transaction.
The building, located at 54 Jaconet St., was previously owned and occupied by Tech Aid. It offered a flexible layout and a unique single-tenant building opportunity within the highly desirable Newton area.
"This building is truly a find...ideal for any business," said Mr. Cavanagh. "The location provides convenient access to Route 128 and close proximity to a variety of retailers, restaurants, banks, and many more businesses within the Newton area."
The Jaconet St. building was renovated in 1993 and includes an additional 5,000-square-foot site for over 50 parking spaces. The law firm of Goldstein, Kaiz, and Fellman will occupy half of the building for its own office use and will lease the remainder of the space.