KS Partners Spends $29 Million for Tewksbury Office Market Location
KS Partners recently announced the addition of another premier Tewksbury office market site to its portfolio. The new office park is situated along the growing 495 northern corridor. The company paid $29 million to acquire Highwood Office Park. The beautiful Tewksbury office market location was previously owned by Equus Inc. United Bank made the site’s most recent acquisition possible with the help of a $20 million loan.
About KS Partners’ New Tewksbury Office Market Site
KS Partners will move into a gorgeous new Tewksbury office market property with considerable size. The property’s official rate per square foot is a little bit over $104 per square foot. All in all, the three brick-faced buildings spans a whopping 277,625 square feet. The site was previously acquired for just under $24 million in March of 2005. The fact that the property’s value has bounced back up by over $6 million in such a short time span is a testament to the strength of the Tewksbury office market’s health. Equus originally purchased the site for only $86 per square foot. The office park’s capitalization rate is expected to be around 9 percent. The site’s total occupancy rate is 92 percent.
Boston’s ever-increasing rents are part of what makes I-495 sites like Highwood Office Park so attractive. Highwood Office Park is strategically positioned between KS’ holdings to lure in tenants from every direction. The property is spread across 18 acres. Highwood Office Park debuted in 1986 with the 104,000 square foot 50 Highwood Dr. It took only three more years to add on 60 Highwood Dr. Another piece to the puzzle, 55 Highwood Dr. launched in 1998, tacking on an extra 99,425 square feet worth of space.
About KS Partners
Aside from investing in office sites throughout the Tewksbury office market and greater New England, KS Partners also modernizes properties. Companies in search of spaces with square footage ranging from 2,000 to 10,000 have found new homes at KS’ Brickstone Square. KS acquired this site back in September of 20114 for a little under $60 million. The complex measures 23.5 acres and is conveniently positioned by I-495. KS Partners has found much success attracting tech companies to its expansive office sites in the Tewksbury office market and beyond. KS properties offer comparably low rates per square foot compared to locations in the city’s dense urban center.
If you would like more information regarding office buildings available in the greater Boston market, contact Jeremy Cyrier at [email protected] or by phone at 617-340-8520.