Partners announces the acquisition of 225 Second Avenue, a 125,000 sf office property in Waltham, MA

Marcus Partners is pleased to announce the acquisition of 225 Second Avenue, a 125,000 square foot office building in Waltham, MA, on behalf of its Marcus Capital Partners Fund I.

Marcus Partners will execute an extensive capital improvement program to reposition the property, which will include upgraded facades, lobbies, common areas, entrances and landscaping.

225 Second Ave is conveniently located directly off exit 27 from route 128 in the heart of Waltham’s commercial district. The property housed offices for ADP who was the property’s former owner and will be staying as a tenant for a short term leaseback. “Several things about this asset attracted us” noted Bill McAvoy, Principal of Marcus Partners. “It’s one of the few single-asset large blocks of space that exist in central 128 capable of accommodating a variety of uses, with a parking ratio that is well above market (4.5 per 1,000 sf), clear heights up to 19 feet, full building back up power, a high window to floor area ratio, full service cafeteria and new roofs and HVAC units. Deb Van Der Hayden of Jones Lang Lasalle (JLL) and Scott Jamieson, formerly of JLL, who managed the transaction for ADP, did a great job in bringing the transaction to completion for their clients.”

Marcus Partners has been actively growing through various acquisitions along the East Coast over the past 18 months with 11 transactions totaling over 3.1 million square feet of office, bio-medical, medical office, R&D and industrial space in the Miami, Atlanta, Washington DC, Suburban NYC and Boston markets. This transaction brings Marcus Partners portfolio of properties owned or managed by its affiliates to 6.9 million square feet.

Paul Marcus, Managing Principal of Marcus Partners, said “This acquisition fits in well with our investment strategy of acquiring assets at a reasonable basis that are well located and offer a real value-add opportunity for a hands-on owner. We already have interest in the asset from both office and lab users, it’s versatile enough to work well for either.” Marcus added “We continue to seek additional value add real estate related investment opportunities throughout East Coast markets with a focus on office, medical office, light industrial, flex, R&D and warehouse properties.

December 2012