Paragon Towers

Iconic 60,826-square-foot Newton office development trades for nearly $20.9 million

KS Partners has sold Newton’s iconic Paragon Towers, a 60,826-square-foot office and retail development located on rapidly-developing Needham Street a short drive to Route 128, for $20.859 million, or $342.93 per square foot, to Massachusetts Credit Union Share Insurance Corporation (MSIC). MSIC paid fully in cash for the acquisition; KS acquired Paragon Towers in January 2007 for $11.5 million, or $189.06 per square foot. The Needham Street corridor, along which Paragon Towers is located, is experiencing a significant wave of development; Crosspoint Associates is currently building the 142,000-square-foot Newton Nexus office and retail development, and Northland Investment Corporation is proposing to construct a 30-acre mixed-use development at the corner of Needham Street and Oak Street which would feature 950 residential units, 175,000 square feet of office space and 200,000 square feet of retail space.