Bose building in Westborough acquired for $47M

Courtesy of W.P. Carey W.P. Carey, a New York real estate investment trust, acquired this office building in the Westborough Technology Park for $47 million. The building houses sales operations of Framingham-based Bose Corp.

Write a Comment

By Emily Micucci

W.P. Carey Inc., a global real estate investment trust based in New York, has acquired an office building located inside the Westborough Technology Park for $47 million.

The 250,000-square-foot building is occupied by the sales operations of Bose Corp. of Framingham, according to W.P. Carey. Bose holds an 11-year lease on the property. Bose recently invested in the facility by building a state-of-the-art film production space and sound studio to be used for its commercial marketing efforts, W.P. Carey said.

The seller was Columbia Property Trust, an Atlanta-based real estate investment trust.

“The Bose building is a well-located real estate asset leased to a quality tenant; the 11-year lease and recent investment by Bose affirms their commitment to the facility,” Gino Sabatini, managing director at W.P. Carey, said in a statement. Sabatini also spoke to the viability of the office market in the region.

“As core Boston submarkets have become saturated, tenants have begun to push further out into suburban Route 128 and 495 locations, searching for higher quality real estate with lower rents and good accessibility,” Sabatini said. “Additionally, the submarket is home to a very large base of high-technology space and financial firms.”

Sabatini cited BNY Mellon Wealth Management, AstraZeneca, and eClinicalWorks, all of Westborough, as examples.

The Westborough Technology Park is a 75-acre office and research and development site on Technology Drive, just off Route 9 and adjacent to Interstate 495.