Andover Townsman, Andover, MA

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March 6, 2014

Brickstone Square complexfor sale

Historic site expected to net $75M

(Continued)

The occupancy rate is down from years past, he said. There is about 350,000 square feet of space that is vacant. The property has a capacity to handle up to 3,000 employees.

Sayles said it shouldn’t be hard to find a buyer for the property because the real estate market in the region is so strong.

“Boston is one of the top investment markets in the country for commercial real estate,” he said. “Within Boston, towns with great access and in great locations like Andover are of particular interest.”

According to the Boston Business Journal, the 495 North market contains 20 million square feet of office space, with an availability rate of 28 percent. Brokers say rents are rising and availability is shrinking as tenants, who are priced out of Boston, head to the suburbs.

The property also has an historical oddity — a military-style, World War II-era, single-lane bridge that crosses the Shawsheen River and enters the site from Kenilworth Street. In the morning, it is used for commuters entering the vast parking lot around the buildings and in the afternoon, the direction is switched for outbound commuters.

Robb said he wasn’t sure of the exact history of the bridge, but thinks it probably has something to do with the fact that the plant was a major military supplier during World War II.

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