Saracen Properties News

Saracen Acquires i-Park, Waltham, MA

Saracen Properties announces that it has acquired the former I-Park Office Park in Waltham, MA, in partnership with Trammell Crow Company for $37,500,000. Trammell Crow Company acquired the property on behalf of Trammell Crow Company Acquisitions II, L.P.

The project consists of two parcels including a four acre development site on Farwell and River streets on the Charles River, and a 23 acre existing office park on Seyon Street. The buildings on Seyon Street total approximately 600,000 square feet, and formerly housed the Raytheon Corporation. Located in one of suburban Boston’s most desirable office locations, the Seyon Street property will be re-positioned to offer first-class office and lab space. Currently the park is anchored by the headquarters for internationally known construction consulting firm Simpson Gumpertz & Heger, Inc and biotechnology company Repligen.

According to Saracen Properties’ President Kurt (Ted) Saraceno the property will undergo a $35,000,000 redevelopment and repositioning campaign, including the demolition of outdated structures and the full renovation of existing buildings featuring new entrance lobbies, elevators and infrastructure upgrades. Extensive park improvements are also planned to capitalize on and enhance the large campus-like setting. “The quality improvements we have planned for this property will make a dramatic impact on the building’s image and standing in the market immediately.” Acquisitions Principal Travis Powell adds, “The property fits perfectly with our investment strategy of acquiring well located, quality assets in strengthening leasing markets. In this case we can apply our Development and operational expertise in the repositioning, releasing and property management efforts.”

The park currently has 113,000 SF of available space, which will be offered with a generous onsite parking ratio of 4.0 spaces per 1,000 sf. An additional 187,000 SF will be redeveloped and marketed for third quarter 2008 occupancy. Totaling approximately 300,000 square feet, the project will be able to offer one of suburban Boston’s largest blocks of available space. Paul Barry, Senior Vice President of TCC, said “We share Saracen’s vision for the properties and believe a well planned redevelopment of this magnitude will be well received by prospective tenants. We are equipped to move quickly, and can competitively deliver space at a substantial discount to other first-class office opportunities in Waltham” Mr. Barry added, “and look forward to increasing our holdings in the Boston Market.” This is Trammell Crow Company’s third acquisition this year within the New England Region for a total acquisition cost of $67 million.

Saracen Properties owns and manages over 1,000,000 square feet of commercial property in the Boston area and is managed by a core group of real estate professionals that have achieved above average returns for its investors.

Headquartered in Dallas, Texas, Trammell Crow Company (TCC) was founded in 1948 and is one of the nation’s leading developers and investors in real estate. TCC was acquired by CB Richard Ellis (CBRE) in 2006, creating the world’s largest real estate services company by market share, revenues, profitability and several other metrics. The combined company will shortly become the first real estate services company to be listed in the Fortune 500. As of December 31, 2006, TCC had over $5.4 billion of active development and new investments in process and approximately $3 billion of additional projects in the pipeline, ranking TCC as one of the nation’s largest developers. To date, TCC has developed or acquired more than 2,500 properties; with a total value of over $50 billion. TCC has experienced development and investment professionals in more than 28 major US cities, and access to over 20,000 professionals within the world’s largest real estate services firm.

Trammell Crow Company Acquisitions II, L.P. (the “Fund”) is a $350,000,000 blind pool real estate private equity fund organized to invest in a portfolio of opportunistic and value-added real estate and real estate related projects and investments. The Fund is sponsored by Trammell Crow Company, a wholly owned, independently managed subsidiary of CB Richard Ellis, Inc.

One Washington Mall Renovations

Saracen Properties and its partner AEW Capital are committed to commencing a major capital improvement program for the building in 2007. Dyer Brown & Associates Architects has been retained to redesign and improve the existing lobby entrance including new wall accents, ceiling, lighting, lobby directory and a new security desk. Proposed exterior improvements include a new building entranceway and signage. Other planned upgrades include the modernization of the 4 elevators and upgrades to the building’s HVAC system.

One Washington Mall purchased by Saracen

September 29, 2006

Saracen Properties announces that it has acquired One Washington Mall, Boston, MA, in partnership with AEW Capital Management, LP. AEW acquired the property on behalf of AEW Partner V, L.P., the fifth in AEW’s opportunity fund series.

The sixteen story- 156,000 square foot office building located in the heart of Boston’s Financial District will be repositioned and released as first class office space. According to Saracen Properties’ President Kurt (Ted) Saraceno the property will undergo a multimillion dollar renovation featuring entrance, lobby, elevator and infrastructure upgrades. “The quality improvements we have planned for this property will make a noticeable impact on the building’s image and standing in the market.” Acquisitions Principle Travis Powell adds “The property fits perfectly with our investment strategy of acquiring well located, quality assets in strengthening leasing markets. In this case we can apply our operational expertise in the repositioning and releasing effort.”

The property currently has 60,000 SF of available space, which will be offered with on site garage parking. Marc Davidson, Portfolio Manager for the AEW Partners Funds, said “We share Saracen’s vision for the building and believe in the improving Boston leasing fundamentals in the Boston office market.” “We are equipped to move quickly,” Mr. Davidson added, “and look forward to increasing our holdings in the Boston Market.”

Saracen Properties owns and manages over 2,000,000 square feet of commercial property in the Boston area and is managed by a core group of real estate professionals that have achieved above average returns for its investors.

Founded in 1981, AEW Capital Management, L.P. provides real estate investment management services to investors worldwide. Currently, AEW and its affiliates manage over $34 billion of gross real estate assets and securities on behalf of many of the world’s leading institutional and private investors. The firm actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Singapore, Paris, London, Barcelona, Milan, Stockholm, Luxembourg, Düsseldorf, Warsaw, Budapest and Prague.

Travis Powell Joins Saracen Properties

July 24, 2006

Saracen Properties announces that Travis B. Powell has joined the firm as Principal-Acquisitions. He will oversee on a day to day basis the company’s project acquisition activity for both ground up project developments and redevelopment/repositioning opportunities of existing buildings. He will also be involved with project financing as well as expanding the firms development efforts beyond its traditional route 128 office focus. Most recently, Mr. Powell was a Senior Vice President at Spaulding & Slye/ Jones Lang Lasalle in the Urban Strategies Group. He has been involved in the Greater Boston Real Estate market for 25 years, and is a 1981 graduate of Babson College with a B.S. in Finance.