Colliers International Boston Arranges $79.88 Million Financing for Hilco Real Estate
Colliers International announced that its Boston-based Capital Markets group has arranged $79.88 million in financing for Hilco Real Estate to purchase. The Colliers team of Adam Coppola, Thomas Welch, John Poole, and Tonia Jenkins secured the financing with a balance sheet lender. The highly flexible configuration and infrastructure allows for efficient lab, office and R&D use. Located in a premier suburban Boston submarket with close access to Boston, Hilco will benefit from tight vacancy and strong rent growth. The site has been transformed into a modern multi-tenant campus via substantial capital investment throughout the past 10 years. According to Tom Welch, “Waltham is well established as a core life sciences/lab market, capturing tremendous overflow from Cambridge and the Longwood Medical Area, the global epicenter of the life sciences industry.” Hilco has intimate familiarity with the asset and submarket as a result of recently acquiring, redeveloping, and leasing two Waltham assets: The Gauge – an adjacent Class A, 135,000-SF creative office/R&D property, at which Panasonic and Humatics recently signed long-term leases; and 48 Woerd Avenue – a Class A, 121,000-SF office/R&D facility, at which Hilco recently signed a long-term extension with Olympus.
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