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Overlook Center
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Waltham, MA
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Acquisition date:
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September 2006
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Total capitalization:
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$35 million
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Invested equity:
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$9.5 million
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Disposition date:
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June 2009
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Disposition proceeds:
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$44.5 million
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IRR:
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47%
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Normandy purchased a 90% interest in a 3 acre land parcel from a local owner located on an irreplaceable site directly along Route 128 in the premier Suburban Boston Submarket, Route 128 West. The seller, who retained a 10% share of the venture, looked to Normandy to leverage its vertically integrated platform to complete the permitting, design and construction of the project. This was a key factor which enabled Normandy to stand out among other parties in the sales process despite not being the highest bidder. The property originally contained two vacant Class C office buildings which were raised in order to develop a 108,000 square foot Class A, LEED Silver Certified office building and accompanying four level parking structure. After construction commenced, Normandy secured Adobe Systems under a forward sale agreement whereby Adobe would acquire the property upon its substantial completion. The property was completed on time and below budget and sold to Adobe in June 2009 generating a $9.5 million profit.
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