A state-of-the-art medical office building has been sold and is welcoming a new tenant, further solidifying it as a prime office locale on the Route 2 Corridor. The two-story, 49,250-square-foot, Class-A clinical facility at 330 Baker Ave. — which houses Harvard Vanguard Medical Associates — is now a neighbor to Emerson Hospital and Welch’s corporate headquarters, which opened at Concord Meadows this past year.
Cole Corporate Homes Trust purchased the building for $24.37 million, according to Normandy Real Estate Partners, which announced the sale last month. Cushman & Wakefield’s Capital Markets Group represented Normandy in the transaction for the build-to-suit project.
Activity Is Brisk
The quick turnaround for the development — just 12 months after its groundbreaking — follows the trend of “significant leasing momentum” at Concord Meadows, said Justin Krebs, principal at Normandy, in a statement.
“Harvard Vanguard I Concord is the new crown jewel of the Route 2 Medical Corridor and is one of Massachusetts’ most desirable medical office properties,”, adding value to an already-hot property group, said Robert E. Griffin Jr. of Cushman & Wakefield.
The Concord Meadows site, encompassing 78 acres, is comprised of 608,000 square feet of master-planned suburban office/R&D space. Its most recent major renovations were done in 2008. Tenants’ amenities include on-site management and shared conference space, as well as a gym, all in a “park-like environment,” according to the center’s website.
Atrius Presence
Harvard Vanguard Medical Associates, a regional multispecialty practice group, is part of Atrius Health network. In all, Atrius has six medical groups, which include Reliant Medical Group and Southborough Medical Group, as well as VNA Care Network & Hospice, serving more than a million patients across Eastern and Central Massachusetts, according to company data. It represents more than 1,000 physicians and 2,100 other health care professionals.
The Harvard Vanguard building — which is just minutes from West Concord Center and six miles from Rte. 128 — opened during a ribbon-cutting ceremony in July and is welcoming new adult and pediatric patients.
