Worcester Business Journal
Turnpike Road Holdings LLC, a Boston-based entity affiliated with an undisclosed New York investor, purchased Westborough Executive Park on Turnpike Street in Westborough for $19.9 million, according to the Worcester District Registry of Deeds.
The deal comprising 15 acres at 110, 112, and 114 Turnpike Street includes 217,288 square feet of Class A office space. The sale was completed on Dec. 27, according to Worcester real estate brokerage Kelleher & Sadowsky Associates, who represented the seller, Albany Road Real Estate Partners of Boston.
Kelleher & Sadowsky will handle leasing for the property under the new owners. The firm’s Principal William Kelleher, Executive Vice President Philip DeSimone, Senior Vice President Meghan Liddy, Vice President Andrew Sherman, and Associate Ross Miner all played a role in brokering the $19.9-million sale.
The building is 35% vacant after COVID led companies to downsize their office space over the past few years, said William Kelleher.
The new owner will be investing in upgrades to the property, and the available spaces offer prospective tenants a variety of differently sized options. The new owner is affiliated with a wealthy New York family, who wished not to be identified.
The corporation buying the property, Turnpike Road Holdings LLC, is affiliated with a New York firm providing registered agent services, Cogency Global Inc., according to filings with the Massachusetts Secretary of the Commonwealth.
Kelleher is bullish on suburban office parks because they can offer suburban employees shorter commutes.
“As vacancy rates in downtown [Boston] office buildings remain high, suburban office locations may be viewed as being more desirable from an employee perspective – as long commute times into urban office settings such as Boston can be avoided,” said Kelleher in a Tuesday press release.
The park was last sold in 2014 for $20.8 million. The Town of Westborough assesses the three properties at $14.9 million.