Home > Press Releases > RBJ Brokers Sale Of 15 Pleasant Street Connector In Framingham, $5.5 Million

RBJ Brokers Sale Of 15 Pleasant Street Connector In Framingham, $5.5 Million

CRCP Pleasant Street, LLC Sells 95,000 SF Office Building To Normandy Real Estate Partners

BOSTON – April 18, 2013 – Richards Barry Joyce & Partners, LLC (RBJ&P), a full-service commercial real estate advisory firm, announced today that its Capital Markets team represented CRCP Pleasant Street, LLC in the sale of MetroWest Place (15 Pleasant Street Connector, Framingham, Mass.) to Normandy Real Estate Partners for $5.5 million. 

The property is located just outside 9/90 Corporate Center and The Framingham Technology Park, in close proximity to the interchange of the Massachusetts Turnpike and Route 9 (at Exit 12 on the Pike).  The five-story, glass-top building consists of 95,000 square feet of Class A office space.  The building had been fully occupied by Genzyme until 2012.

Normandy Real Estate Partners is planning a major renovation, expansion and repositioning of the asset that will commence with a permitting process with the appropriate municipal agencies. 

John Lashar, Partner

John Lashar, Partner

“MetroWest Place is an extremely well located asset and the renovation and repositioning plan anticipated by Normandy will provide the submarket, particularly the Exit 12 interchange at 9/90 much needed Class A supply,” said John Lashar, partner, Richards Barry Joyce & Partners.  “The building has excellent infrastructure and expansion potential.   The market is very supply constrained, particularly for large blocks of Class A space.” 

According to research from RBJ, Framingham has 3.9 million square feet of office space, with a vacancy rate of only 9.2% (as of the close of the first quarter of 2013).  The vacancy rate is down from 10.0% the previous quarter.  The Class A vacancy rate in Framingham is a mere 6.6% vacant.

CRCP Pleasant Street, LLC was represented in the sale by Chris Skeffington, John Lashar, Paul Leone and Roy Sandeman of Richards Barry Joyce & Partners. The new ownership has retained Richards Barry Joyce & Partners as the exclusive leasing agent for the building. 

Chris Skeffington, Senior Vice President

Chris Skeffington, Senior Vice President

About the Market – I-495 West Market
According to research from Richards Barry Joyce & Partners, the I-495 West office market consists of 15,909,000 square feet of office space, with a vacancy rate of 17.3 percent, as of the quarter ended March 31, 2013. (source: Richards Barry Joyce & Partners’ “officeSTATus – Spring 2013)

About Normandy Real Estate Partners
Normandy Real Estate Partners is a leading real estate operator and investment manager headquartered in Morristown, NJ with offices in Boston, New York City, Los Angeles and Washington, D.C.  Normandy currently manages a series of discretionary real estate funds totaling approximately $1.5 billion of equity commitments.  Normandy’s existing portfolio includes over 15 million square feet of commercial assets, four hotels and numerous land development sites.  Normandy targets value added real estate investments  in the gateway  markets of Boston, Metro New York City, Los Angeles, San Francisco, and  Washington, D.C. where opportunities exist to enhance value through creative repositioning, financial restructuring, intensive management, and capital improvements.  For more information visit www.normandyrealty.com.

About Richards Barry Joyce & Partners, LLC
Richards Barry Joyce & Partners is a full service commercial real estate firm providing creative solutions for its client partners. The company’s focused team approach offers clients a competitive advantage in solving their local, national, and international real estate challenges. Richards Barry Joyce & Partners’ unique platform offers a full range of real estate advisory services including market analysis, capital markets solutions, financial analysis, corporate services, portfolio review, and consulting services.  For more information, please visit our website at www.rbjrealestate.com. Follow us on Twitter at @RBJ_Partners.

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