Behringer Harvard has announced its acquisition of 5 & 15 Wayside, two interconnected four- and five-story buildings located in one of Boston's premier suburban submarkets, Burlington, Massachusetts.
"The properties at 5 & 15 Wayside are well-leased, quality buildings that are very functional in a strong suburban submarket of the premier Boston metropolitan area," said Robert M. Behringer, founder and CEO of Behringer Harvard. "These properties should bring strong initial returns and an opportunity to benefit from rapidly improving market conditions."
5 & 15 Wayside is ideally situated alongside Route 128/I-95 in Burlington, a suburb 12 miles northwest of Boston. Interstate 93 provides direct access to Logan International Airport and the capital city. Notable office space users in the surrounding area include BAE Systems, Hewlett-Packard, Microsoft, Nortel Networks and Sun Microsystems.
Constructed in 1999 and 2001 respectively, 5 & 15 Wayside were build-to-suit for the original and current single tenant, Nokia. Serving as Nokia's northeast regional headquarters, the buildings provide approximately 270,000 square feet of fully leased space.
5 & 15 Wayside was acquired by Behringer Harvard REIT I, Inc., which also owns assets in Chicago, Atlanta, Houston, Denver, Philadelphia, Washington, D.C., Baltimore, Minneapolis and Los Angeles, among other cities.
Source: Behringer Harvard