Ares Management Update 11/06/17

Somerville brick-and-beam office building trades for $23.8 million

Normandy Real Estate Partners has acquired 35-37 Medford Street, an approximately 53,000-square-foot brick-and-beam, Class B office building located steps from Somerville's Union Square and the upcoming MBTA Green Line rapid transit extension, for $23.8 million. The sale amounts to about $449 per square foot. Hingham Institution for Savings provided $15.9 million in financing towards Normandy's acquisition. Cushman & Wakefield represented seller DLJ Real Estate Capital Partners, who listed 35-37 Medford Street for sale in Summer 2017, in the deal and procured Normandy as the building's buyer.

DLJ acquired 35-37 Medford Street in June 2016 for $12.5 million, or about $236 per square foot, from btcRE, who fully repositioned the building and added amenities such as an outdoor terrace, bike storage and a shower room. btcRE acquired the building in December 2012 for $4.2 million, or about $79 per square foot. 35-37 Medford Street is 100% occupied by a diverse roster of tenants, and is located a short distance from Kendall Square and the Cambridge Crossing development. The recently completed Millbrook Lofts luxury apartment building, which is currently for sale and is expected to sell for approximately $60 million, is located next to 35-37 Medford Street. Normandy recently sold the 584,648-square-foot Marlborough Technology Park office park in Marlborough, MA to KS Partners for $46 million. Normandy is also a partner in the Haymarket Hotel development in Downtown Boston, which is expected to break ground in Spring 2018.

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