Ciminelli Real Estate Corp. is making waves in eastern Massachusetts, with the first of what it says will be many purchases in the Boston marketplace.
The Buffalo-based developer and property manager paid $6.5 million for a 61,177-square-foot office and laboratory building in Marlborough, Mass., just outside Boston. Located at 33 Locke Drive, the building is 95% leased, according to a press release from Canadian brokerage Avison Young, which handled the deal on behalf of the seller, WRT Management.
“This is a market that we have been looking at for the last few years, and we are excited to finally have a presence here,” said Paul Ciminelli, CEO of the development firm.
Ciminelli is one of the biggest developers in the Buffalo and Western New York area, and has expanded to the Rochester and Central New York markets. More recently, it's also pushed into Florida, Pennsylvania, Maryland and Connecticut, where it manages properties, and also owns property in Clearwater, Fla. In all, it owns or manages more than 17.8 million square feet of space, and serves more than 350 international, national and local clients.