Multi-Employer Property Trust, a pension-backed fund based in Washington D.C. recently announced that Burlington Centre, a 620,000 square foot office park in Burlington, is officially on the market.
MEPT first bought the property in 1991 for $21.3 million, and the property’s sale could net as much as $100 million. With the continuous expansion of the Burlington Mall and construction of the Wayside Commons, Burlington has seen vast commercial growth over the past 15 years.
“Burlington is hot, it’s the darling of the Boston suburbs” says Frank Peltz, managing director at Jones Lang LaSalle. “Tenants just love the amenities in Burlington as we urbanize the suburbs with the ability to have live, work, play, eat and drink.”
In addition to office space, Burlington Centre offers its tenants an abundance of amenities. The Centre is a Class A, master-planned office park. According to Cassidy Turley, office rents in Burlington are about $28 per square foot, with an availability rate of nearly 12%.
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