Wells REIT II Acquires IBM's Regional Headquarters Complex
The 490,000-square-foot class-A office complex is located in a technology corridor in Littleton, Massachusetts, and is leased to IBM until 2020.
Wells REIT II acquired the property from a joint venture of Angelo Gordon and national development. Wells was represented internally by Heather Griner, senior vice president of capital markets. Wells negotiated the transaction off-market with the sellers.
According to Wells, the IBM Littleton campus, at 550 king street, Littleton, was built for digital equipment, in 1984. The property was vacated prior to acquisition by Angelo Gordon and national development in 2006, and then underwent a major renovation in 2008.
The complex features two connected three-story buildings, new lobbies, extensive tenant improvements, a cafeteria, a fitness center and an auditorium.
Don Henry, chief real estate officer of Wells REIT II, said: “This is a great acquisition for our portfolio, and we are thrilled to add IBM Littleton to the Wells family of tenants. IBM is one of the strongest names in international business, and we look forward to serving their real estate needs in Massachusetts for many years to come.”
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