Framingham commercial building with Liberty Mutual offices sells for $12.4M
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405 Cochituate Road
An office building on Cochituate Road whose tenants include Fidelity Investments and Liberty Mutual has sold for $12.4 million.
The sale was announced Thursday by Colliers International, a realty group with local offices in Boston representing the seller, Park Square Revival Corp. of Framingham. The nearly 43,000-square-foot building at 405 Cochituate Road was bought by the Burlington investor and development firm R.J. Kelly Co.
R.J. Kelly held to its pre-coronavirus pandemic pricing through the transaction process as a sign of confidence in the office market, Fran Petz, Colliers' managing director of investment sales, said in a statement. Benjamin May, R.J. Kelly's vice president of finance, said in a statement the building fit perfectly into the firm's office portfolio in Boston's suburbs. R.J. Kelly also owns Stor-U-Self, a self-storage facility at 201 Flanders Road in Westborough.
The sale closed Aug. 25. The transaction price works out to $291 per square foot. The 3.9-acre site near Shoppers World was last assessed by the City of Framingham at nearly $7.4 million.
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