NOVAYA, IN JOINT VENTURE WITH ODESSA MARLBOROUGH, LLC, ACQUIRED 397 WILLIAMS STREET IN MARLBOROUGH, MA

MARLBOROUGH, MA – Novaya Real Estate Ventures, LLC, in partnership with Odessa Marlborough, LLC, purchased 397 Williams Street in Marlborough, Massachusetts for $5.26 million on March 13, 2014. 397 Williams Street is a 130,000 square foot Class B+ office building conveniently located adjacent to the interchange of I-495/Route 20 and just five miles from the Mass Pike (I-90). The property, built in 1985, provides flexible floor plates that appeal to a range of tenants from single-tenant/headquarters users seeking 100,000 – 130,000 square feet to larger block/full floor plate users seeking 30,000 – 60,000 square feet.

The venture’s business plan includes a comprehensive capital improvement program to better position the property to take advantage of increasing demand in Boston’s MetroWest submarket. Novaya and Odessa believe that Marlborough will benefit from strengthening fundamentals in Framingham/Natick, which is one of the strongest of the Greater Boston submarkets. The property provides a price alternative for large block users and expanding tenants alike.