Cross Ocean Partners, a global asset management platform focused on special situations, credit and hard asset investments, and Lincoln Property Company, a global, full-service real estate firm, announced the acquisition of a trophy office campus in Needham, Mass. for $132 million.
Located at 140 Kendrick St., 15 miles southwest of Downtown Boston, the 409,197-square-foot property is home to notable tenants including Wellington Management, Clarks and Walker & Dunlop.
Originally developed by BXP in 2000 and recently transformed through a $27.8 million capital improvement program, 140 Kendrick Street represents one of Greater Boston’s premier office destinations.
“140 Kendrick Street exemplifies the perfect blend of quality, prime location, and long-term stability,” said Scott Faber, senior vice president of investments at Lincoln Property Company’s Boston office. “This premier campus stands out as a top-tier property, attracting high-caliber companies seeking exceptional office space in a competitive market.”
The campus leased up entirely in the post-COVID-19 environment and now maintains a 96.4% occupancy rate. Building A, fully occupied by Wellington Management, represents the first net-zero, carbon-neutral office repositioning of its scale in Massachusetts and has achieved LEED v4 Gold certification.
“We are excited to partner with Lincoln Property Company to acquire this exceptional office campus,” said Terence Kim, managing director, U.S. credit at Cross Ocean. “140 Kendrick Street reflects our investments in high-quality, well-located buildings with strong amenities, sustainable design and long-term tenancy.”
This acquisition marks the second joint venture between Cross Ocean and Lincoln.
