Marcus Partners Announces Acquisition of 111 Speen Street, Framingham, MA - 115,000 sf, Class A Office Building
Purchase marks firm’s fourth Northeast acquisition in the past 6 months.
Marcus Partners is pleased to announce the acquisition of 111 Speen Street, a 115,000 square foot Class A office building in Framingham, MA, on behalf of Marcus Capital Partners Fund I. This purchase marks the fund’s fourth acquisition in the Northeast over the past six months totaling 500,000 square feet of office, laboratory and medical office space with a total projected cost in excess of $100 million. At 111 Speen Street, Marcus Partners will execute a capital improvement program to modernize and transform the common areas and amenity space. The planned upgrades will further enhance the property’s premier standing in the market.
According to Bill McAvoy, Chief Investment Officer of Marcus Partners, “We were attracted to 111 Speen Street because it is one of the highest quality properties in the Natick/Framingham submarket and features many above-standard design elements. Its location, immediately at the Speen Street exit off the Massachusetts Turnpike, provides significant visibility and best-in-market access. It is a well positioned property that we are buying well below replacement cost. With modernized common areas, the property will continue to outperform over the long term in what is a strengthening market.”
Paul Marcus, Managing Principal of Marcus Partners, added “This acquisition fits in well with our disciplined investment strategy of acquiring quality, well-located assets at a reasonable basis that offer a value-add opportunity.” Marcus added “We have been able to acquire some fantastic buildings, over 500,000 square feet, in the Northeast over the past six months. We continue to seek additional value add real estate related investment opportunities throughout the East Coast.”
Marcus Partners has been actively growing through various acquisitions along the East Coast of office, bio-medical, medical office, R&D and industrial space in the Boston, Suburban NYC, Washington DC, Miami and Atlanta markets. This transaction brings Marcus Partners portfolio of properties currently owned or managed by its affiliates to 6.6 million square feet.
June 2013