Denenberg Realty Completes $30M Trade of a 24 Acre Quannapowitt Campus

WAKEFIELD — Neil Denenberg, President of Denenberg Realty Advisors, negotiated an off-market sale of a 24 Acres Site at 200 Quannapowitt Parkway in Wakefield, MA for $30,000,000.

Denenberg represented both the seller, Waterstone Wakefield, LLC, and procured the buyers Cabot, Cabot & Forbes and Equity Residential. Both parties worked very closely to put this deal together. “It was a pleasure working closely with these two extremely committed parties, Waterstone and Cabot, Cabot & Forbes/Equity Residential on the acquisition and permitting of this development site. We look forward to working with them again in the future. This was a rare off-market opportunity to purchase a 24-acre property on lake Quannapowitt.”

The buyer Cabot, Cabot & Forbes, and Equity Residential have permitted this lakefront property to become a 440+ Unit Multi-Family Community. The project sits at the northern end of Lake Quannapowitt, a popular regional outdoor destination offering visitors a quiet, bucolic lake setting where many enjoy walking, jogging, and biking, as well as sailing and windsurfing. A 3.5-mile paved loop encircling the 250-acre lake provides a natural amenity base for residents to enjoy these popular outdoor activities.

The expansive building on the site had been the long-time home of American Mutual Insurance Company and then Comverse, with its distinct architecture visible from bordering Route 128.

The seller was Waterstone Wakefield, which bought the property in January 2018 for $15 million. The company had been working through the zoning board of appeal approvals to renovate the property for research and development, laboratory and office use when it pivoted to housing.

A complete redesign of the 24 acres is proposed with publicly-accessible land, wetlands, and woodlands covering a large part of the development.