Heritage Point waterfront office building in Quincy sold for $28.35 million

Campanelli and Trigate Capital have sold the 160,912-square-foot Heritage Point office building in Quincy overlooking the Neponset River to Grander Capital Partners and North Colony Asset Management for $28.35 million in a deal brokered by Newmark Knight Frank (NKF). The sale amounts to approximately $176 per square foot. The Class A office building is located steps from the MBTA Red Line and a short drive from Interstate 93, minutes from Downtown Boston. Heritage Point is 85%-leased to seven tenants, six of which relocated to the property from Boston.

The property is located within the premier Heritage Point office campus, which Campanelli and Trigate purchased in 2013/2014. “Heritage Landing’s dynamic location on the MBTA’s Red Line paired with our vision for a best-in-class office property proved to be a winning combination, appealing to transit-oriented tenants seeking a great value,” enthused Campanelli Partner Dan DeMarco in a prepared statement. “This is evidenced by the impressive percentage of tenants who relocated to Heritage Landing, including State Street Bank, ClinEdge and the Mass Teacher’s Association, from Boston.”

Heritage Point was renovated in 2015-16 and features a fitness center, conference areas and a full-service café with an exterior deck featuring water views. “Heritage Point benefits from a successful multi-million dollar strategic transformation perfectly executed by the Campanelli-Trigate partnership and highlighted by modernized common areas, updated building systems and new amenities,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “These capital improvements have resulted in more than 100,000 square feet of leasing activity at the building in the past two years.”

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