The Center at Corporate Drive Update 12/04/17

Four-building Burlington Class A office park acquired for over $133 million

Spear Street Capital has purchased The Center at Corporate Drive, a 94%-leased 487,000-square-foot Class A office park located off of Interstate 95/128 in Burlington, for over $133 million. The sale amounts to approximately $275 per square foot, and follows an $8 million capital improvement program completed in early 2016 by sellers The Davis Companies and Principal Real Estate Investors. The program upgraded The Center at Corporate Drive's four buildings, located at 10, 25, 30 and 35 Corporate Drive, with amenities including a 7,850-square-foot cafeteria with flexible conference space, a 2,100-square-foot fitness area with a yoga room, new showers and locker facilities, a 4,500-square-foot outdoor patio, numerous common collaboration areas and Wi-Fi connectivity throughout. The sellers acquired the 1998-built office park in Fall 2013 for $109 million, about $224 per square foot. The Center at Corporate Drive is situated on 47 acres 15 miles northwest of Boston. The Davis Companies and Principal Real Estate Investors remain the owners of 20 Corporate Drive, a plot on which the proponents have approval to construct a 270-unit residential apartment building containing one, two and three-bedroom residences.

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