Masachusetts office developments bought and sold.

WALTHAM, MA: -- BPG Properties, Ltd. (BPG), the real estate investment manager for Berwind Property Group, Ltd. and other major institutional investors, has bought and sold two properties in Massachusetts this week.

The firm announced the acquisition of Totten Pond Office Center in Waltham, MA, from CH Realty II for $45.1 million.

The purchase of the 90% leased property was made on behalf of BPG Investment Partnership VII, L.P. (Fund VII), a fully discretionary private equity fund with total equity commitments of $550 million. Jim McCaffrey and Chris Phaneuf of Trammell Crow Company represented the seller in the transaction.

"We are pleased to acquire Totten Pond Office Center. We feel the combination of our value-added strategy, a well-located property and improving market conditions will enable us to maximize value for our investors," commented Albert J. Corr, vice president of BPG who oversaw the acquisition.

Totten Pond Office Center is a 296,641 s/f office park comprised of three buildings, offering extensive amenities. The property is home to BMC Software, Texas Instruments, Archivas, Verispan and Med-I-Bank.

Andy Majewski, Rob Walles and Matt Siciliano have been named exclusive leasing agents for the office complex. Meredith & Grew has been appointed the property manager. Jennifer Bowlby, vice president of BPG, will be the asset manager of the property.

BPG also announced the sale of Ferncroft Corporate Center located at 35 Village Road in Middleton, MA to Behringer Harvard Ferncroft LLC for $27 million.

Jim McCaffrey and Chris Phaneuf of Trammell Crow Company represented the seller and procured the buyer in the transaction.

BPG acquired the property in November 2004 on behalf of its Co-Investment Fund, a partnership between BPG and the Pennsylvania Public School Employees' Retirement System (PSERS).

During its 18 month ownership, BPG made several capital improvements to the property including a renovation of the lobby and common areas and the addition of a fitness center.

At the time of disposition the property was 82% leased.

35 Village Road is an eight-story class A office building comprised of 230,000 s/f. The building is centrally located with direct highway access to/ from Interstate 95, Route 128, Route 1 and Route 114.

"Ferncroft is a well located, institutional quality office asset with a blue chip rent roll. We had great interest in the project which was a good execution for BPG as well as a strong opportunity for Behringer Harvard," said Jim McCaffrey, principal of Trammell Crow Company.