05/05/2008

Condyne Adds To Their Portfolio North of Boston with One Corporate Place in Danvers

Condyne and Mastiff Capital are pleased to announce the $12,350,000 million acquisition of One Corporate Place in Danvers, MA. The property, which was purchased from the Flatley Company, is located 20 miles north of Boston in the Ferncroft Campus. TD Banknorth financed the transaction for Condyne.

One Corporate Place is a 5-story, 103,272 SF first class office building set on 4.88 acres of land in a well known, master planned campus. The building is fully leased to 11 tenants including The Boston Globe and The Premier Insurance Company. Built in 1987, the steel framed building sits on a concrete foundation and has a brick façade. Interior assets include a luxury lobby equipped with two passenger elevators as well as flexible floorplates throughout the five stories for easy office subdivision.

This is the second property north of Boston that Condyne acquired in a 17 month period. Dascomb Road, a 140,000 SF flex building located directly off of Route 93 in Andover, MA was the company’s first. Jeff O’Neill, President of Condyne says, “Our commitment to acquire well located, below replacement costs real estate made this acquisition successful. This asset, while fully leased, will provide stable returns to our investment fund over an extended period of time.”

This hilltop site is in walking distance to other amenities in the Ferncroft Campus such as many lakefront walking trails, the Ferncroft Country Club, and the Sheraton Ferncroft Resort. Within the Sheraton Ferncroft Resort is the popular Coco Key Water Park, a 65,000 SF facility featuring an indoor water park, restaurants and an arcade. Ferncroft Corporate Place, an 8-story Class A office building owned by Behringer Harvard and North Shore Community College are also located within the campus. The desirable location is fully accessible to Route I-95 as well as Route 1.