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CrossHarbor Buys 1.2 Million-SF Cross Point Towers for $227 Million

Anchor Line Partners, Farallon More Than Double Return in Sale of Lowell Office Park
January 29, 2018
CrossHarbor Capital Partners has acquired the 1.28 million-square-foot Cross Point office park in the Boston suburb of Lowell, MA in a $227 million deal reported by the Lowell Sun last Thursday.

The deal nets a massive return for local investment firm Anchor Line Partners and San Francisco-based asset management company Farallon Capital Management, which in mid-2014 acquired the three-building office park for $100 million.

In 2015, the ownership group secured its anchor tenant with the signing of multi-national workforce management software and services company Kronos Inc. to a roughly 500,000-square-foot lease for its global headquarters. Verizon Communications, Motorola, Jabra and the IRS, among others, also currently lease space in Cross Point.

According to CoStar information, CrossHarbor's purchase marks the largest single office investment in the history of Middlesex County, excluding Cambridge. The commercial real estate investment and asset management firm out of Boston paid $177 per square foot for the complex.

Completed in the mid-1980s as the headquarters for Wang Laboratories, Cross Point consists of three internally connected, 14-story office and R&D buildings located at the intersection of Routes 495 and 3, and the Lowell Connector, at 900 Chelmsford St. On-site amenities at the park include a cafe, pub, restaurant, daycare, fitness center and community space dubbed the Lawn.

Mark Reardon, Alex Plaisted, Benjamin Roopenian and Peter Dominski of CBRE-New England currently handle leasing at the complex, which according to CoStar information has nearly 65,000 square feet available.

For more information on the sale of Cross Point, please see CoStar Comp #4114548.
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