Andover, MA

Investment Partner
Grander Capital Partners

Property Manager
NAI Hunneman

Project Type
Office

Acquisition Date
2015

Project Overview

This two-story, 115,707-square-foot, Class A office building has been recently renovated and is fully leased to a strong roster of tenants including Schneider Electric, Polycom and AllianceHealthcare. Located at the U.S. I-93/River Road interchange less than one mile from U.S. I-495.

The strategy was to renovate and reposition the building to attract tenants seeking lower rents, larger blocks of space and potential for future growth. Currently, the 495 North submarket remains one of suburban Boston’s most robust technology and defense clusters. With immense rent pressure in the Boston and Cambridge markets, as well as in other 495 markets such as Burlington, we continue to see companies looking to alternative I-495 locations for more economical solutions. This property is operated in conjunction with our property at 300 Federal Street, so we can offer tenants more flexible leasing options and the potential to aggregate in one location.