News: Front Section
Posted: December 23, 2016
Fairlane Properties, Inc. sells Boxborough Corporate Center for $19.35 million
Peter Joseph, Cushman & Wakefield
Brian Barnett, Cushman & Wakefield
Boxborough, MA According to Michael Grill, president of Fairlane Properties, Inc., they have completed the sale of the Boxborough Corporate Center (BCC) at 155 & 159 Swanson Rd., to an affiliate of Jumbo Capital Management, LLC for $19.35 million. The 203,000 s/f, two-building campus is 100% leased on a long-term basis to Setra Corp. and SynQor, Inc. Peter Joseph and Brian Barnett of Cushman & Wakefield of Massachusetts, Inc. brokered the sale for Fairlane Properties.
Boxborough Corporate Center, 155 & 159 Swanson Road - Boxborough, MA
Originally built for Digital Equipment Corp. in 1984 and 1985 on 26 acres at the intersection of Rte. 111 and I-495, the two-story, brick and ribbon window buildings house the headquarters, manufacturing, research & development, and sales offices of Setra and SynQor. Setra, a leader in the design and manufacturing of pressure and weight sensing devices, is a division of Fortive Corp., a company recently split off from Danaher Corp. This year, Fairlane negotiated an 11 year extension with Setra at 159 Swanson Rd. to continue Setra’s occupancy at the building which began in 1993. SynQor, a privately held company founded by an MIT professor, is a leader in the power converter industry and has occupied 155 Swanson Rd. since 2003.
Brad Spencer, a partner at Jumbo Capital, said, “Setra and SynQor are very strong companies with long-term relationships to the area, increasing our comfort level that they are likely to stay.”
Jay Hirsh, managing partner at Jumbo Capital, leads Jumbo’s transaction team of Howard Hirsh (partner), Jordan Berns (partner), Brad Spencer (partner), and Adam Fischer (acquisitions associate).
Middlesex Bank, which funded Fairlane Properties in its acquisition of the property, retained the loan on the property.
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