Cassidy Turley Lands Meditech In $25M Pact to Buy Adobe HQ

WALTHAM — Meditech’s new slogan is, ‘Have you seen us lately?’ Whether that entreatment plays into its latest real estate move is unclear, but motorists traveling Route 128 South will have a hard time missing the software firm’s future headquarters, the gleaming LEED Platinum office building put on the market this summer by occupant Adobe Systems. Achieving a price of $25 million, the 100,000-sf building is being traded through Cassidy Turley, whose lightning-fast process delivered every seller’s dream—a user, and wellheeled one at that seemingly willing to pay more than an investor could despite reports of that constituency also being aggressive in their bidding.

“It’s new construction and as visible as it gets,” explains one source familiar with the Meditech agreement. The firm has supposedly provided a non-refundable deposit, enhancing chances of a successful conclusion that some maintain could be wrapped up next month. Cassidy Turley’s Capital Markets group is led by Senior VP Brian R. Doherty and Senior Managing Director David J. Pergola, who did not respond to an inquiry. CBRE/NE is advising Meditech, although calls there were also not immediately returned.

“Oh, it’s happening,” was how one market watcher responded this week of a deal among the most significant Middle Markets transactions of 2013, not only validating Waltham’s place as a preferred address, but reflecting the desire for modern facilities that can enhance employee production and retention and providing substantial technology infrastructure observers say Meditech was drawn to in the case of Waltham Innovation Center, developed by Neelon Properties and Normandy Real Estate Partners. Launched on spec from a site directly overlooking Route 128, the structure was secured by Adobe for a breathtaking $44.6 million in 2007, buying the building at the height of the investment sales market. Waltham has traveled a choppy route since, as the recession decimated office building values and sent several properties into foreclosure. Fortunately, the new era has been much kinder to Waltham, which is again commanding rents in the $40’s per sf and enjoying vacancies back into single digits.

Adobe, meanwhile, subleased about half of Waltham Innovation Center on a short-term basis, although observers could not say how much time remains on those leases. Meditech reportedly will take over the Adobe Systems portion upon acquisition and is expected to grow into the remainder as it comes available. For at least one market professional, that makes a lot of sense given that the property supposedly can be a challenge to subdivide. “It’s perfect for a user,” says the source. “It certainly is ending up in the right hands.