Equity Office sells Burlington office park for $216m

New England Executive Park. Image courtesy of Cushman & Wakefield.
New England Executive Park. Image courtesy of Cushman & Wakefield.

Equity Office and Blackstone have sold New England Executive Park, a 10-building office park in Burlington, to Charles River Realty Investors and National Development for $216 million, said a broker involved in the transaction.

The broker is Cushman & Wakefield.

The park is 86-percent leased and is poised for the development of an additional 750,000 gross square feet of new ground-up development, Cushman & Wakefield said.

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New England Executive Park is currently permitted for office, commercial, retail, hotel and structured parking. The park’s amenities include parking for 3,352 vehicles, two full-service restaurants, a state-of-the-art fitness center, bank and credit union, a dry cleaner, a tailor, and a conference center. It is located near the Burlington Mall.

Cushman & Wakefield said its capital markets team exclusively represented the buyer and seller.

“New England Executive Park is one of the best ‘super parks’ in New England,” Robert Griffin of Cushman & Wakefield said in a statement. “This was a great opportunity for Charles River Realty Investments and National Development to purchase an asset with strong, diverse tenancy in a thriving and transforming area.”