BOSTON — Griffith Properties – a Boston-based real estate acquisition and development firm, has formed a partnership with a client of Urdang Capital Management (based in Plymouth Meeting, PA) for the acquisition and repositioning of a 10-story, 200,000-square-foot office building in Quincy, MA.
Frank Petz of the Boston office of CBRE | Melody, the debt and equity placement division of CBRE Capital Markets, arranged $27.5 million in acquisition financing. The investment sales division in CBRE’s Boston office represented the seller (a local investor group) in the transaction.
The 10-story, 200,000-square-foot office building, known as HarborSouth Tower, is located at 100 Hancock Street in North Quincy, MA. Blue Cross Blue Shield of Massachusetts has occupied this building for the last twenty years and is vacating at the end of September. The partnership of Griffith and Urdang plans to upgrade the façade, lobby, hvac systems, and add a structured parking garage, a new café, and fitness center.
Brad Griffith commented “Originally designed by Skidmore Owings & Merrill, HarborSouth Tower has outstanding views of the Boston skyline as well as large floor plates that accommodate large office tenants. The additional structured parking and access to the Red Line provide for an easy commute from both the North and South of Boston.”
Griffith Properties LLC was founded in 2002 by J. Brad Griffith. The company invests in enhanced core and value-added office and R&D assets in the markets between Boston and Washington, DC. Founded in the end of 2002, Griffith Properties has raised blind-pool, commingled funds to pursue real estate investments in partnership with institutional investors. Recent acquisitions include: Ballardvale Office Park, a 550,000 sf office park in Wilmington, MA; and One East Pratt Street, a 340,000 sf office property in downtown Baltimore, MD.