News: Front Section
Posted: June 9, 2017
KS Partners and Contrarian Capital Management enter into joint venture partnership for Andover Landing: $90 million
Andover, MA According to KS Partners, they have entered into a JV partnership with Contrarian Capital Management to recapitalize Andover Landing at Brickstone for $90 million.
The class A office park totals 1 million s/f in three buildings and is located at the I-495/Rte. 28 interchange. KS Partners has recently completed a $5 million capital improvement campaign that includes expanded café services, a 375-seat cafeteria, a new outdoor patio and courtyard, a coffee/juice bar, a conference center for up to 100 people, a game room, expanded WiFi, and new entrances and lobbies. KS Partners will continue to manage the property.
“We are delighted with our new partnership and that Contrarian also recognizes the tremendous value of this world-class asset located in this dynamic Boston suburb,” said Kambiz Shahbazi, president and founder of KS Partners. “Andover continues to attract a strong tenant base and to benefit from the strong Boston market,” he said.
Andover Landing is now 70% occupied, with an additional 150,000 s/f of leases pending. The park consists of three office buildings ranging from 281,545 s/f - 379,384 s/f. Both the visibility and accessible location for Andover Landing provide a branding opportunity at the landmark business center set within the Rte. 495 office market.
The property provides easy access and is located near a variety of restaurants, hotels and retail amenities. The space provided at the complex offers tenant identity opportunities, extensive window line, abundant access to natural light and unparalleled flexibility. The site provides more than 3,000 dedicated parking spaces for tenant use.
KS Partners is a commercial real estate owner and property management company which owns and manages income producing real estate assets in the Northeast. The KS Partners portfolio strives for value appreciation through the capitalization of improved leasing, repositioning or redevelopment opportunities.
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