101 Station Drive, repositioned Westwood office building, sells for $53.1 million

AEW Capital Management has acquired 101 Station Drive, a three-story, 208,134-square-foot office building repositioned in 2016, from National Development for $53.1 million. The sale amounts to $255 per square foot. PNC Bank provided $26.6 million in mortgage financing towards AEW Capital Management’s acquisition. National Development acquired 101 Station Drive for $16 million, or $77 per square foot, in July 2014 from Metropolitan Life Insurance Company, and proceeded to make a series of capital improvements including a new lobby, entrance plaza and fitness center.

101 Station Drive’s tenants now include Children's Hospital, General Dynamics, Mott McDonald and PI Worldwide. Fargo Hill Capital leased 5,015 square feet at the building in the fourth quarter of 2017, and it was also announced that Honeywell International will relocate its’ headquarters to 101 Station Drive. The building is located next to the 120-acre, two-million-square-foot multi-phased University Station development, which includes desirable retail options such as Wegmans, Target, Lifetime Fitness, Nordstrom and Panera Bread.

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