Behringer Harvard on Tuesday announced its entry into the Boston market with its acquisition of Ferncroft Corporate Center, an eight-story, class A office building in Middleton, Mass.
The value of the transaction was not disclosed.
Situated on a 12.6-acre hilltop site overlooking the interchange of Interstate 95 (Route 128) and Route 1, Ferncroft Corporate Center provides 226,338 rentable square feet of space. An adjoining three-story parking garage supplies a generous parking ratio of 4.5 spaces per 1,000 square feet of office space.
Originally constructed as a build-to-suit regional headquarters for Verizon Information Services in 1990, the office space was renovated in 1999. Amenities include a full-service cafe and fitness center.
This 82 percent leased building represents the second purchase for Behringer Harvard Opportunity REIT I Inc. Anchor tenants at the time of sale included Verizon Information Services, a subsidiary of Verizon Communications, and the SAS Institute, a privately held software company.
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies.