Berwind Property Group Acquires Westwood Business Centre

WESTWOOD, MA-Berwind Property Group Ltd. purchased the Westwood Business Centre for $18.5 million. The seller was Boston-based American Tower Corporation, an infrastructure company servicing the broadcasting industry.

The office building is located at 690 Canton St. near the Route 128/I-95 and I-93 interchanges, the Amtrak station serving Boston and New York, and the Norwood Municipal Airport. The facility is situated on 12.4 acres of land, and consists of a three-story, 164,695 sf office building. The building, which is 93% leased, features a 140-seat café, a 24-hour computerized card access system and a number of covered parking spaces.

“Westwood Business Centre is a beneficial addition to BPG’s New England portfolio,” says Albert J. Corr, VP of Berwind Property Group. “The 128/South submarket is an attractive location for businesses of all types and sizes, and we believe the Westwood building is one of the best alternatives for tenants in the South market.”

According to Trammel Crow Co.’s most recent statistics, the area saw some absorption of space in the first quarter of the year with Westwood’s overall available office space at 33.1% this past April, down very slightly from 33.5% in January. Lease rates for the area for office space are at about $22 per sf.

Nordblom Brokerage Co. represented the seller and introduced the buyer in this transaction. Nordblom Management Co. will continue to act as the property manager. CB Richard Ellis has been named exclusive leasing agent for the project.

Berwind Property Group is a Philadelphia-based, privately held real estate investment firm. The company’s portfolio is comprised of nearly 30 million sf of office, residential, retail, hotel and industrial properties located throughout the US. In the Greater Boston area, Berwind Property’s current holdings include The Campus at Marlborough in Marlborough, 10 Maguire Rd. in Lexington, 181 and 187 Ballardvale St. in Wilmington, 8 Federal St. in Billerica and 100 Cambridge Park Dr. in Cambridge.