Asset: Office Park
Location: Chelsea, Massachusetts
Acquisition date: November 2019, Fund V
Investment Rational: This 8-building portfolio is on approximately 10 acres of land in close proximity to Boston as well as the airport, with access to public transportation. At acquisition, this portfolio was 88% leased. Immediate value will be created by leasing up the remaining vacancy, bringing rents to market, and gaining efficiencies in operational management.
In addition, future value will come through improvements to the public transportation system allowing access to both major commuter stations in Boston. This will support increased pressure on rents in the market and support for future development.