Charlesbank Capital Partners, LLC Acquires Two Office Buildings in Suburban Boston.

Business Editors

BOSTON--(BUSINESS WIRE)--July 11, 2000

Charlesbank Capital Partners, LLC announced that it has acquired, through an expanded joint venture with Crosspoint Associates, 1440 Main Street and 103 Fourth Avenue in Waltham, Massachusetts, approximately 10 miles west of Boston.

Built in 1981, 1440 Main Street is a three-level, 63,500-square-foot office building on Route 117, which feeds directly into some of Boston's most technology-active business areas. While the building was under contract, Phase Forward, a provider of software and services to pharmaceutical companies for use in clinical trials, signed a five-year lease for the entire space.

Located in Waltham's Prospect Hill Office Park, 103 Fourth Avenue is a two-story, 63,000-square-foot office/R&D building. This, too, is well situated in the high-tech corridor, only a half-mile from Route 128 and minutes from the Massachusetts Turnpike. Charlesbank and Crosspoint are exploring a variety of redevelopment scenarios for the property.

"Waltham is a vibrant office market with reasonably high barriers to entry," says Chip Douglas, Managing Director for Charlesbank Capital Partners. "These properties are well-located and will benefit from the surging demand for office space along Route 128 and the rising rents in Cambridge and downtown Boston."

Crosspoint Associates, based in Natick, Massachusetts, has a proven track record in acquiring and repositioning well-located and undermanaged properties in Greater Boston. Crosspoint has developed more than 2 million square feet of office, industrial and retail properties and currently owns and manages more than 700,000 square feet of office/R&D properties along Route 128.

Charlesbank Capital Partners, LLC, is a private investment firm with more than $2 billion of capital committed to acquisition and financing for growing companies and real estate investments. The firm has offices in Boston and New York.