Essex River Ventures and The Praedium Group Acquire Lexington Corporate Center for $35 Million
BOSTON--The Praedium Group LLC, a New York City-based national real estate investment firm, and Essex River Ventures, LLC, a Boston-based real estate investment and asset management firm, announced the acquisition of the Lexington Corporate Center, located at 10 Maguire Road in Lexington, Mass., for approximately $35 million.
Lexington Corporate Center is comprised of four buildings totaling 283,000 square feet. Occupancy at the time of sale was 65 percent. Trammell Crow Co. brokered the deal on behalf of the sellers.
"We're going to be very well-positioned in the area when the demand for space increases," said Philip Tager, director of The Praedium Group. "This is a high quality asset in an excellent location. We're happy with this deal and the opportunity it represents."
"We acquired Lexington Corporate Center to create value through the lease-up of vacant space" said John Fenton, President of Essex River Ventures. "Because the property is currently 65 percent leased, it will provide us with an opportunity taking advantage of rebounding market conditions. We're very excited about this purchase, and we're looking forward to more acquisitions in the Greater Boston area."
Based in Andover, Mass., Essex River Ventures, LLC is a real estate investment and asset management firm specializing in value-oriented office, R&D and industrial properties on the East Coast. Since its inception in December 2002 it has acquired 11 building containing 600,000 SF worth approximately $66.5 million.
The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America, with $4 billion in total investments to date in 1,200 assets comprised of 33 million square feet of commercial space and 28,000 multi-family units. Praedium was formed in 1991 with a leading international investment bank as its sole investor.