The Prospect Hill Office Park, a part of the busy suburban corridor in Greater Boston, gains a new tenant with the purchase of 3 properties by Anchor Line Partners. The Executive Office Park totaling 480,428 square feet was developed in the 1970s by Arthur H. Nelson. Touted as being one of the first in the nation to offer full-day accredited kindergarten and day care. The office park gave tenants in the Waltham Office Market access to a high-speed fiber optic connection to NEARNet, the precursor to the Internet that would be developed in the late 1980s. Nelson created the modern office complex would offer child care, restaurants, convenience stores, art exhibits, green spaces, and duck ponds interlaced with recreational path.
Anchor Line Partners acquired three buildings in the Waltham office market at 100, 200 and 300 Fifth Avenue. The sellers, San Francisco’s DivcoWest Properties sold the properties for $101 million. DivcoWest acquired the Prospect Hill Office Park for $100 million in 2007.
The purchase is to build out 130,000 square feet of speculative development. The properties border Boston Properties’ 25-acre CityPoint development. Boston Properties have stated that rents have increased in the past 18 months at CityPoint by 25 percent. Plans are to have the space delivered within six months. The Anchor Line target is the 5,000 to 15,000-foot tenants.
In 2014, the real estate development company, Anchor Line Partners was formed by Kristi Amendolare, Andrew Maher, and Brian Chaisson. The buildings on Fifth Avenue are the third major suburban project for Anchor Line Partners which recently opened Cross Point campus in Lowell as well as 200 Smith Street.
The current plan is to build out 130,000 square feet of move-in-ready office space among the three buildings and whose cost will be clocked in at $5 million. Anchor Line will revise the marketing strategy for a cafeteria and adjoining 200 Firth Avenue open-style lounge. There is also plans to develop the former Prospect Hill Ski Area behind the offices. The concept by Anchor Line is to convert the ski area into shared amenities such as cross-country skiing, mountain bikes, and snowshoes.
If you would like more information regarding office buildings available in the greater Boston market, contact Jeremy Cyrier at jeremy@mansardcre.com or by phone at 617-674-2043.