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Ferris Development Group Acquires Waltham Offices For $22.3M

Mar 26, 2015 | Reprints | Print

Newton-based Charles River Realty Investors LLC and Crosspoint Assoc. of Waltham have sold a pair of office buildings to Ferris Development Group of Marlborough for $22.3 million.

The two buildings at 1432 and 1440 Main St. contain 134,839 square feet of office space and are currently 90 percent occupied.

Transwestern | RBJ Senior Vice President Chris Skeffington, Partners John Lashar and Ron Friedman and Vice President Roy Sandeman represented the seller and procured the buyer.

Transwestern | RBJ has been retained as the exclusive leasing agent and property manager for the buildings. Ferris Development plans to invest substantial capital to upgrade the infrastructure and update lobbies, common areas and restrooms.

The vacancy rate in the 22.3-million-square-foot Route 128 West submarket was 10.5 percent at year’s end, according to research by Transwestern | RBJ.

Commercial & Industrial