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ND and CRRI buy Crosby Corporate Center in Bedford, MA

CHARLES RIVER REALTY INVESTORS AND NATIONAL DEVELOPMENT AQUIRE CROSBY CORPORATE CENTER IN BEDFORD, MA

NEWTON (November 6, 2014) – Charles River Realty Investors and National Development are pleased to announce the acquisition of Crosby Corporate Center for $95.5M. Crosby Corporate Center is a nine-building office park totaling 586,682 sf.

The Park is well-located at the intersection of Route 3 and Route 62 in Bedford, enabling easy access to Burlington’s deep amenity base. Crosby Corporate Center is currently 98% leased to a diverse roster of software, information technology and biotechnology companies, including Aspen Technologies who is relocating from Burlington into 143,000 sf.

Fifty-two percent (52%) of the Park’s leases roll over the next three years, allowing for value creation through tenant retention or by attracting future tenants at increased rents. The property has several unique features that, once improved, will contribute to the unique high tech campus environment including very high ceilings with abundant natural light. In addition, many of the buildings are interconnected through a series of above and below-grade tunnels.

To enhance the overall tenant experience, Crosby will be re-positioned as a Silicon Valley-like tech environment with new ownership implementing a $5 million capital program focused on high-impact aesthetic improvements. Future upgrades will include new park signage and branding, additional parking, new outdoor amenities and landscape improvements, façade renovations and updates to fitness facilities and cafes.

The property sale was effectuated by Eastdil Secured.

About Charles River Realty Investors
Charles River Realty Investors, formed in 2006, is a private equity real estate investment firm that employs the extensive operating and investment experience of its team to make value-added real estate investments on behalf of its institutional clients. The firm is currently investing Charles River Realty Fund II REIT, LLC, a $255 million discretionary fund comprised of educational endowments, foundations, pension funds and family offices. The firm has completed over $1.5 billion in investments. See www.crreal.com

About National Development
For over 25 years, National Development has been one of the most active development firms in Massachusetts. Specializing in mixed-use, retail, multi-family, commercial and senior housing projects, National Development and its affiliates have developed over 20 million square feet of space. The firm’s current high profile projects include Ink Block South End, Longwood Center, MarketStreet Lynnfield and University Station in Westwood. National Development provides development, construction, asset management and investment services. See www.natdev.com.