Ames Business Park Update 04/18/18
Rafi Properties Acquires Ames Business Park
Rafi Properties announces the expansion of its real estate portfolio through the acquisition of Ames Business Park in Somerville. Somerville has garnered national attention in recent years for its support of local business owners and startups, and Ames Business Park has become the “entrepreneurial epicenter” of the city. The approximate 300,000 SF mixed-use site, currently owned by JWF, LLC, is home to vibrant and popular anchor tenants such as Greentown Labs, Artisans Asylum, Brooklyn Boulders, and Aeronaut Brewing Co., among others.
"Artisan's Asylum is a thriving association of local artists and makers devoted to improving each other and the community at large,” said Artisan’s Asylum President, Ted Sirota. “We're excited to welcome Rafi Properties as the new owner of Ames Business Park. Their fresh perspective and innovative ideas are something I'm sure we will greatly benefit from. Looking forward to a long and prosperous relationship.”
The asset’s tenants are as diverse in their missions as they are in size, spanning from early-stage startups and urban rock climbing to nanotechnology, non-profit makerspace, and a brewery. (a full list of tenants list can be found here).
"Greentown Labs is passionate about the future of Somerville and we're proud to be part of its technology renaissance," said Dr. Emily Reichert, CEO of Greentown Labs. "As the largest cleantech incubator in the United States, we're particularly excited about the City's sustainability goals and focus on manufacturing, two of the key attractors that drew us to move our business to Somerville in 2013. Rafi has shown they're betting big on the future of the City as well, and we're thrilled to have them as a partner!"
Rafi owns, develops, manages, and invests in mixed-use residential and commercial real estate in Boston and Hong Kong. In addition to the purchase of Ames Business Park, the company’s portfolio also includes 533 Washington in Boston’s Downtown Crossing, 126 Salem St. (also known as the Chrysanthemum building), residential portfolios in Boston’s North End, Brookline, and Cambridge, as well as mixed-use developments in Hong Kong. The firm is led by managing directors Collin Yip and Baillie Yip.
Financial terms of the transaction were not disclosed. NKF Capital Markets represented the seller in the transaction. For more information about the asset, news, current and future happenings, please visit www.bldup.com.