10 Technology Drive (above) and 55 Technology Drive (below) in Lowell, Massachusetts

BOSTON— The Boston office of CBRE/New England's Capital Markets team, in conjunction with CBRE/NE's Suburban Brokerage team, announced the sale of 10 & 55 Technology Drive in Lowell, Massachusetts to Novaya Real Estate Ventures, LLC. Currently 80% leased to Siemens and C.R. Bard, the two office/R&D buildings total approximately 146,696 SF and are located at the entrance to Drum Hill Technology Center. 10 & 55 Technology Drive are Novaya's first acquisitions since the firm's launch in January 2012.

"The Lowell acquisitions are tremendous initial investments for Novaya," explained Peter Carbone, Principal at Novaya. "The properties provide strong credit and cash flow which our investors prize at this early point in the recovery cycle. The investment also provides additional upside through the lease-up of the vacancy, which is our value-added proposition."

"The CBRE/NE team was a pleasure to work with and professional throughout the process," noted Peter Nordblom, President of Norblom Company. "Their in-depth understanding of the rental and capital markets were a benefit to both seller and buyer."

"We are pleased to have represented Nordblom Company in the sale of these two assets," said Matt Pullen, Senior Vice President of CBRE/NE's Capital Markets team. "The buildings were well received by investors due to the credit tenants and quality. This is a testament to the type of real estate that Nordblom Company owns and operates. We were also fortunate to have worked with Novaya on their first acquisition in the market."

The CBRE/NE team of Matt Pullen, Mark Reardon, Bill Moylan and Kevin Huther represented the seller, Nordblom Company, and procured the buyer, Novaya Real Estate Ventures. The assets sold for $10.5 million. CBRE/NE has been retained as the leasing agent on behalf of Novaya.

Constructed in 1984, 10 Technology Drive is a two-story, ±57,692 square foot office/R&D building situated on ±5.54 acres. Built in 1985, 55 Technology Drive is a two-story, ±89,004 square foot office/R&D building situated on ±7.17 acres. In addition to Siemens and C.R. Bard, Drum Hill Technology Center is home to such well-known corporations as the U.S. Environmental Protection Agency and Microsemi Corporation. Major office/R&D employers in the I-495 North Suburban market include Comcast, Raytheon, AECOM and Hewlett-Packard. 10 & 55 Technology Drive's proximity to major highways, less than one mile from Route 3 and within five miles of the I-495 interchange, provide employees convenient access and numerous area amenities.