National Development, on behalf of a separate account it manages, has acquired 93 Worcester St., a lass A office and life science property located at the intersection of Route 9 and Interstate 95/Route 128 in Wellesley, MA. Deal terms were not disclosed.
The approximately 277,000-square-foot property, to be repositioned as Wellesley Crossing, was completed in 2000. It has since undergone capital improvements totaling nearly $40 million. Current tenants include Aetna, AXA, Peak Financial Management and the American Heart Association.
National Development will lead asset and property management and reintroduce the property to the market. “93 Worcester St. has long been a cornerstone property along the Route 128 corridor,” said Maura Moffatt, SVP of asset management at National Development. “We look forward to repositioning Wellesley Crossing to meet the evolving needs of today’s tenants, particularly those seeking high-quality, amenity-rich environments outside of the urban core.”
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