Hobbs Brook Management Purchases 3 Buildings in Edgewater Office Park

WALTHAM, Mass. – August 11, 2011 – Hobbs Brook Management LLC, a pioneer in the development of office space in the Boston suburbs, announced today that it has purchased 101, 201 and 500 Edgewater Drive in Wakefield, Massachusetts. The three buildings combined encompass 313,300 SF. Hobbs Brook developed and built buildings 601 and 701 Edgewater Drive in 2001 and 2003, and acquired 301 and 401 Edgewater Place in 2009. Now, the firm owns all seven buildings in the Edgewater Office Park, increasing its overall portfolio to 20 buildings and 2.65M SF in the Boston suburbs.“We have had great success owning and managing our four other buildings in Wakefield, so it made sense to purchase the other three when the opportunity came our way,” says Donald Oldmixon, first vice president of construction, real estate and leasing. “We specialize in on-site property management and focusing on the needs of our particular tenants, so we are looking forward to serving both the current tenants in these buildings, as well as those who choose to re-locate to our park.”

Hobbs Brook Management is a full-service, on-site management firm providing tenants with immediate responses to service requests and emergency needs, resulting in faster issue resolution. Hobbs Brook Management established a customer support team specifically to respond quickly and effectively to any and all concerns. Says Thomas Dusel, president and chief operating office: “We strive to offer the highest level of tenant satisfaction possible in every building that we own and operate. We’ve been in the business of property ownership and management for nearly 60 years and are proud to provide our tenants with superior food service and facilities management, state-of-the-art security, and convenient amenities.”

Built in 1986, buildings 101 and 201 are two-story buildings that have tilt-up concrete façades with travertine panels and ribbon windows that feature heat-strengthened reflective glass. Building 500, which is a four-story building with polished granite panels exterior walls, was built in 1987. All three buildings feature ample above-ground parking. The purchase of these three buildings further strengthens Hobbs Brook’s market share in Suburban Boston and increases its property holdings in Wakefield to several Class A office buildings.

Hobbs Brook was represented by Charles E “Chip” Batchelder, managing director with Wyman Street Advisors. The sellers were represented by David Pergola, executive director Capital Markets Group, New England Region, Cushman & Wakefield of Massachusetts, Inc. as well as Robert Griffin, Jr., president of the New England Region, and Edward Maher, executive vice president. With properties in Waltham and Wakefield, Massachusetts and Park Ridge, Illinois, Hobbs Brook Management owns eighteen buildings for a total of 3.6 million square feet.