NYC developer buys slice of former Staples HQ for $25M, at 160% price increase
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100 Staples Drive in Framingham.
New York City-based The Lightstone Group, with its partner Outshine Properties, has purchased 100-150 Staples Drive in Framingham for $24.7 million, which is more than double the price the property sold for in 2021.
The deal closed on Aug. 9, according to the Middlesex South Registry of Deeds.
Lightstone’s purchase came just over a year after Calare Properties of Framingham purchased the 11.2-acre site, once part of the headquarters of office supplies retailer Staples, in June 2021 for $9.5 million.
Texas-based real estate giant CBRE, which has an office in Boston, represented the seller.
Outshine and Lightstone, which are headquartered in the same building, intend to convert the facility on the Staples Drive property from office space to lab space, which is the main reason for the price increase.
Lightstone officials declined to comment when reached on Monday.
In addition to 100 Staples Drive, Lightstone lists in its portfolio 200 Staples Drive, and the nearby 100, 175, and 200 Crossing Blvd. in Framingham, which sold in November 2021 for a combined $93 million to Outshine.
LCL Capital Partners of New York, a firm specializing in sale-leaseback deals purchased the bulk of Staples’ headquarters in 2020 for $165 million.
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