Campanelli Cos., a Braintree commercial real estate and development firm, has purchased of 300 Crown Colony, a 118,000-square-foot, first-class office building in Quincy’s Crown Colony Park.
The Boston office of Holliday Fenoglio Fowler, L.P. (HFF) has arranged an $8.6 million financing for 300 Crown Colony. The property last sold in 1997 for $16.5 million, according to data from The Warren Group, publisher of Banker & Tradesman.
The acquisition was led by Stephen Murphy, partner at Campanelli Companies. The Cushman & Wakefield capital markets team of Robert Griffin, Edward Maher and Marci Griffith Loeber represented the seller, Invesco Real Estate.
HFF senior managing director Bob Herron, director Greg LaBine and senior real estate analyst Porter Terry worked on behalf of the borrower, Campanelli Cos., to secure the fixed-rate loan through Boston Private Bank & Trust.
Built in 1988, 300 Crown Colony is located at the intersection of Interstate 93 and Routes 128 and 3.
The property features floor plates of 25,000 square feet, a full-service cafeteria, conference facilities, corporate visibility, ample parking, and a five-story atrium.
Crown Colony Park is an eleven-building, master-planned business center consisting of approximately 1.5 million square feet of office and medical space.
Major office tenants include State Street Bank, Harvard Pilgrim Health Care, Arbella Mutual Insurance Co. and Boston Financial Data Services.
Park amenities include the Boston Marriott Quincy hotel, restaurants and daycare facilities.
"In today’s cost-conscious business environment, we expect that 300 Crown Colony will be on the list of all south market office tenants seeking a full-service office facility in an amenity rich, easily accessible location off Route 128," said Daniel DeMarco, partner, Campanelli Cos. "We are confident that it will be the best value for the office rental dollar for the next ten years, especially given the premier level of services Campanelli Companies will provide."
