Texas-based Behringer Harvard has spent $27 million to buy an 8-story, suburban Bostoncomplex. The seller was Middleton Investors LLC. The Ferncroft Corporate Center is just 18% vacant, according to Behringer Harvard. Verizon Information Systems and SAS Institute are the anchor office tenants.
"Ferncroft Corporate Center presented us with an attractive opportunity to enter a market that's recently shown improvement in both occupancy and rental rates," says Robert Behringer, chairman and CEO of Behringer Harvard, which sponsors several unlisted REITs and limited partnerships. "We [also] acquired this well-located asset at a significant discount to replacement cost.”
Located on a hilltop overlooking the intersection of Interstate 95 (Route 128) and Route 1, Ferncroft Corporate Center has 226,338 sq. ft. of rentable office space. The building was originally constructed as aheadquarters for Verizon Information Services in 1990.