Brookwood Financial Partners, L.P. Purchases 75
Sylvan Street in Danvers, MA
May 24, 2010 11:35 AM Eastern Daylight Time
BEVERLY, Mass.--(EON: Enhanced Online News)--Brookwood Financial Partners, L.P. (“Brookwood”)
announced that its affiliate, Brookwood Sylvan, LLC, has purchased 75 Sylvan Street, a 273,905 square foot office
and industrial complex located in Danvers, Massachusetts. The property is comprised of three buildings and is
currently 38% occupied, with tenants including Liberty Mutual and Danversbank.
The property was acquired from NewStar Financial for $10,375,000, or $37.88 per square foot. NewStar had
taken back the property from the prior owner, who had acquired the buildings during the height of the recent real
estate boom. Prior to losing the building to the NewStar, the previous owner invested a significant amount of capital
into the buildings, including new roofs, mechanicals and interior finishes. “With the capital we have available and the
amenities at the building, we believe we will be able to increase significantly the leasing activity at the property,
adding to the strong tenancy that currently exists there,” stated Thomas W. Brown, Director of Acquisitions for
Brookwood. “The property complements well the other 1.2 million square feet of space that we own in New
England,” he continued. Mr. Brown indicated that available space at the property ranges from approximately 2,500
square feet to up to 90,000 square feet.
Lisa Campoli of Colliers Meredith & Grew represented the seller in the transaction.
About Brookwood – Brookwood is a Massachusetts-based private equity firm that acquires real estate and invests
in private companies. Since 1993, Brookwood has acquired 93 properties totaling approximately 8.2 million square
feet of office, retail and research & development space as well as 143 hotel rooms, 138 condominium units, 572
apartments units, and 1,104 residential lots. Brookwood has acquired real estate assets throughout the United States