News: Front Section
Posted: September 18, 2008
Biette and Amabile of Grubb & Ellis handle six acre sale to The Congress Grp.
Grubb & Ellis Co. brokered the sale of 125 Pennsylvania Ave. to The Congress Grp. for $6.4 million. G&E's Anthony Biette, VP, Investment Group, and Hank Amabile, senior VP, Office Group, represented Evergreen Packaging.
The 85,000 s/f facility is on six acres and served as a manufacturing facility before it was sold to Evergreen Packaging.
The Congress Grp. purchased the property with plans to combine it with two adjacent sites. Together, the three parcels total 10 acres. Preliminary plans include the potential development of 300,000 s/f of office/R&D space.
"Every major developer in the region was attracted to the site given its signature location overlooking the Mass. Turnpike," said Biette. About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE) is one of the largest and most respected commercial real estate services and investment companies. With more than 130 owned and affiliate offices worldwide, Grubb & Ellis offers property owners, corporate occupants and investors comprehensive integrated real estate solutions, including transaction, management, consulting and investment advisory services supported by proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estate investment programs that provide individuals and institutions the opportunity to invest in a broad range of real estate investment vehicles, including tax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded real estate investment trusts (REITs) and real estate investment funds. As of June 30, 2008, more than $3.6 billion in investor equity has been raised for these investment programs. The company and its subsidiaries currently manage a growing portfolio of more than 218 million square feet of real estate. In 2007, Grubb & Ellis was selected from among 15,000 vendors as Microsoft Corporation's Vendor of the Year. For more information regarding Grubb & Ellis Company, please visit www.grubb-ellis.com.
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