Stony Brook Office Park

Waltham office park acquired for over $80 million

Jumbo Capital Management and Sound Mark Partners have acquired the four-building, 270,196-square-foot Stony Book Office Park in Waltham for $80.058 million. The sale amounts to about $296 per square foot; the property’s seller, Clarion Partners, acquired Stony Brook Office Park for $55 million, about $204 per square foot, in April 2006. NKF Capital Markets represented Clarion in the most recent sale and procured Jumbo and Sound Mark as the property’s buyers.

Stony Book Office Park is 100%-leased and includes tenants such as Brainshark, DDJ Capital Management, Kluwer, Stanley Black & Decker, TIAA, Ultratech, Wells Fargo and Wolters. “Throughout our ownership of Stony Brook Office Park, the asset has consistently posted strong performance,” said Clarion Partners Senior Vice President Brian Collins in a prepared statement.

The property is positioned in a desirable office location, visible from Interstate 95/128 and convenient to Interstate 90 and the MBTA commuter rail. “Stony Brook Office Park enjoys a superior location in Waltham, suburban Boston’s strongest and most established office cluster,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “Additionally, the asset is well positioned among a high-performing competitive set that has consistently outpaced the overall market in terms of rental rate growth in recent years.”