Northborough industrial building, site of Aspen Aerogels HQ, sold for $19.1M by owner of Natick Mall
Photo | Grant Welker
Aspen Aerogels's Northborough facility
A 111,578-square-foot industrial building in Northborough has been sold for $19.1 million to Raith Capital Partners, a New York-based real estate investment firm.
The building, located at 30 Forbes Road, is the headquarters of Aspen Aerogels, according to the company’s website. Other tenants include Renewal by Andersen of Boston and Pennsylvania-based telecoms firm Communications Test Design, according to a Google Maps listing.
Aspen Aerogels did not immediately reply to a request for comment from WBJ regarding any implications of the sale, but as a transaction from one real estate firm to another, it’s unlikely the sale will have an immediate impact on leased tenants at the site.
The new owner of 30 Forbes Road, Raith Capital Partners, was founded in 2012 and has invested more than $2 billion in real estate projects, ranging from single-family rentals to large industrial sites, according to its website.
The property was sold by G&I IX Forbes Whitney LLC, an entity managed by New York real estate firm Brookfield Properties in a deal finalized on Oct. 8, according to Worcester District Registry of Deeds records. Brookfield owns more than 625 properties around the world, including the Natick Mall, according to the company’s website.
Featuring a building constructed around 1979, Brookfield had purchased 30 Forbes Road for $10.14 million in 2017. The 11.80-acre parcel was given a tax assessment value of $10.59 million for 2024, according to Town property records.
Eric Casey is a staff writer at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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