SOURCE: American Realty Advisors

May 04, 2007 11:00 ET

American Realty Advisors Acquires Premier Office Asset in Waltham, MA

GLENDALE, CA -- (MARKET WIRE) -- May 4, 2007 -- American Realty Advisors announced today the acquisition of Waltham Corporate Center, a 292,824 square foot Class A office complex located in the Waltham submarket, the premier suburban Boston submarket. Located along Route 128, the three-building complex enjoys convenient access and prominent visibility. The Property is well-leased and has long-term leases with major tenants including KeySpan Energy Delivery and Massachusetts General Hospital.

Jones Lang LaSalle negotiated the sale. The Property was sold by a joint venture of Rockwood Capital and The Beal Companies, LLC. The Beal Companies, LLC will continue to be involved in the ownership, management and leasing of the Property. The Property was acquired on behalf of one of American's commingled funds.

"Waltham Corporate Center represents a solid core investment and as-yet unrealized potential for long-term gains through rental growth from its coveted location in a supply-constrained market, its premium construction and its prestigious tenant base. We are pleased to enter into a partnership on this outstanding property with a reputable full service operator such as The Beal Companies," stated Greg Blomstrand, Principal and Managing Director, Portfolio Management.

"Located at the prime corner with unparalleled visibility and presence, Waltham Corporate Center is a true gem and highly desirable," added Catharine Daume, Managing Director of Investment Sales at Jones Lang LaSalle.

American Realty Advisors is an SEC-registered investment advisor under the Investment Advisers Act of 1940 and a leading provider of real estate investment management services to institutional investors. With more than $4.1 billion* in assets under management, American has provided innovative real estate solutions to institutional investors for over 18 years utilizing core and value-added commingled funds and separate accounts. The firm's portfolios include office, industrial, multi-family, and retail properties nationwide. Information regarding American can be found online at www.americanreal.com.

* As of December 31, 2006, assets under management represent gross value of all assets and accounts managed by American (excluding partners' share of equity and partners' share of debt on partnership investments) plus approximately $762 million in commitments not drawn.

Contact Information

  • Contact:
    Joyce Ezaki
    818/409-3280

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