April 27, 2016
An affiliate of Newport Beach, CA-based KBS Real Estate Investment Trust, Inc. sold 200 Exchange St. to Boston-based Berkeley Investments, Inc. for nearly $21.7 million. The 314,176-square-foot office building is located in the heart of Malden, MA, adjacent to the MBTA’s Malden Center “T” station.
The four-story building, originally an operations center for Bank of Boston, is slated to undergo a significant exterior and interior renovation program. The plan includes creating a vibrant mixed-use asset with street level retail, a state-of-the art data center, and nearly 200,000 square feet of creative office space.
Holliday Fenoglio Fowler’s Coleman Benedict, Chris Phaneuf, Ben Sayles and Mark Campbell represented the seller, and procured the buyer. Gramercy Property Trust, as asset manager, advised KBS.