Widewaters Group has sold 24 suburban office properties totaling approximately 1.4 million square feet in Upstate New York.
The value of the transaction was not disclosed.
HRPT Properties Trust of Newton, Mass., purchased the class A office space, which features core office assets in Syracuse, Rochester and Sherburne. Among its highlights, the Syracuse assets include eight buildings within Widewaters Office Park and three buildings within Brittonfield Office Park in Dewitt. The Rochester assets include six buildings within Woodcliff Office Park.
Widewaters Group launched the development of the portfolio in 1982 and remains headquartered at Widewaters Office Park. According to Joseph Scuderi, the firm’s president, this disposition is part of a strategic product type and geographical diversification program. During the past few years, the firm has expanded its reach as far north as Maine, west to Pennsylvania, and south to North Carolina, adding retail properties and hotels to its now 4.7 million square feet in commercial holdings. The firm will use proceeds from the sale for new acquisitions.
NAI Pyramid Brokerage and Cushman & Wakefield represented the parties in the transaction.