SSR Sells 422,000-SF Campus for $39M

CONCORD, MA-SSR Realty Advisors has sold 300 Baker Ave., a first-class 422,202-sf corporate campus located in the heart of Greater Boston’s suburban high-technology market. San Francisco-based Spear Street Capital acquired the property for $39 million.

The financial services group of Cushman & Wakefield–Robert E. Griffin Jr., Edward C. Maher Jr., Marci Griffith Loeber and Christopher T. Griffin–represented SSR and procured the buyer. “This transaction is a clear example of a regained feeling of confidence among institutional investors in what has historically been one of the single largest technology incubators in the country,” says Maher, executive director at Cushman. “This property provides the many key attributes required by today’s most demanding investors: marquee tenancy, upside through re-leasing, expandability and debt-free offering terms. There is just so much capital going after so few quality investments that demand is far outstripping the available supply.”

The campus is located approximately 20 miles northwest of Boston. The complex was originally designed and developed for GenRad Inc. in 1952 and expanded in phases through 1980. The property consists of a 408,042-sf three-story office building and an adjacent single-story 14,160-sf warehouse/storage building.

The property’s expansion over time resulted in the campus’ design as a large office core with multiple wings. The design also made the building suited for its eventual conversion to a multi-tenanted “mini-city.” In 1998, the property underwent a master-planned renovation.

SSR Realty is a real estate investment firm with approximately $5.8 billion of assets under management on behalf of roughly 80 institutional clients. The company’s corporate offices are in Morristown, NJ, San Francisco, Boston and Laguna Niguel, CA.