New Boston Fund Buys Highwoods Asset for $28 Mil or $71.06 Per SF

DURHAM, NC-On the hunt for one million sf of office and flex product, the seven-year-old New Boston Fund is making its initial purchase with the four-building, 394,000 sf Triangle Business Center next to Research Triangle Park.

The Boston investment group paid Highwoods Properties $28 million or $71.06 per sf for the asset. Highwoods will stay on as the property’s manager.

The buyer is looking for additional properties in the Triangle, Charlotte, and Greensboro, NC markets. Durham is 150 miles northeast of Downtown Charlotte.

New Boston Fund’s porfolio comprises 10 million sf in the Midwest and Northeast. Highwoods is selling some of its class B flex product to concentrate on developing more profitable class A office product.

The investors are also seeking to joint venture new office assets with local developers.