Marcus Partners Acquires 225 Second Ave in Waltham from ADP
Marcus Partners has acquired 225 Second Avenue, the 125,000 square foot office building in Waltham, MA, on behalf of its Marcus Capital Partners Fund I.
225 Second Ave is located off exit 27 from route 128 in Waltham’s commercial district. The property houses offices for ADP, which was the property’s former owner and will be staying as a tenant for a short term leaseback.
Deb Van Der Hayden of Jones Lang Lasalle (JLL) and Scott Jamieson, formerly of JLL, managed the transaction for ADP.
Marcus Partners will soon execute a capital improvement program to reposition the property, which will include upgraded facades, lobbies, common areas, entrances and landscaping.
The asset is "one of the few single-asset large blocks of space that exist in central 128 capable of accommodating a variety of uses, with a parking ratio that is well above market (4.5 per 1,000 sf), clear heights up to 19 feet, full building back up power, a high window to floor area ratio, full service cafeteria and new roofs and HVAC units," said Bill McAvoy, Principal of Marcus Partners.
Marcus Partners has been actively growing through various acquisitions along the East Coast over the past 18 months with 11 transactions totaling over 3.1 million square feet. This transaction brings Marcus Partners portfolio of properties owned or managed by its affiliates to 6.9 million square feet.
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