One Technology Drive Update 10/26/17

Peabody industrial building acquired for $21.7 million


AEW Capital Management and Griffith Properties have acquired the 188,000-square-foot One Technology Drive industrial building in Peabody for $21.7 million from Normandy Real Estate Partners. The sale, brokered by JLL, amounts to approximately $115 per square foot. Bank of America provided $14.4 million in financing towards AEW and Griffith’s acquisition. Normandy acquired One Technology Drive for $16.1 million, over $85 per square foot, in August 2006, and proceeded to transform the building into a multi-tenant warehouse property. One Technology Drive is currently at 82.5% occupancy with three tenants, and presents a leasing opportunity of over 32,000 square feet.

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