Berkeley Investments has closed on the purchase of an office building in Malden, Massachusetts, near the the MBTA’s Malden Center “T” station, for $21.7 million. Originally constructed as an operations center for Bank of Boston, the four-story 314,176 sqf property on Exchange Street traded for $69 per sqf. HFF represented the seller, an affiliate of KBS Real Estate Investment Trust, in the transaction. “Malden Center is currently undergoing a dramatic transformation as a downtown redevelopment is underway that will reconnect streets, relocate City Hall, and introduce hundreds of new residential units along with numerous new retail destinations,” said HFF director Ben Sayles. “With a lower price point than other close-in suburbs and with immediate T access, Malden is emerging as a new residential and commercial hub for the region and 200 Exchange Street is well positioned to both contribute to and benefit from this transformation.”
