Lincoln Property Pays $61M For Office Campus in Boston Suburb

The former Pleasure Island amusement park site in a Boston suburb is trading again after its transformation into an office campus.

Lincoln Property Company and an investor group advised by JPMorgan Asset Management acquired The Edge complex in Wakefield for $61 million, Bisnow reported. The deal for the seven-building, 962,000-square-foot campus that sits around 12 miles north of Downtown Boston breaks down to $63 per square foot.

The seller was Hobbs Brook Real Estate, which assembled and developed the office park across multiple Edgewater Drive addresses, piecing it together between 2001 and 2011. It’s unclear how much Hobbs Brook spent acquiring and developing the campus; Newmark advised the landlord on the recent sale.

In a deal announcement, Lincoln Property said the campus offers “a scalable footprint with significant add-value and mixed-use redevelopment potential.”

Hobbs Brook announced a capital improvements project at 601 and 701 Edgewater Drive in 2024, including a renovation of the café into a full-service space, improving the fitness center and adding a conference center for all of the tenants. It’s unclear how far along Hobbs Brook got on those projects before the sale.

Tenants at the campus include Arbella Insurance, marketing technology firm Epsilon and Eastern Bank, the latter of which reportedly signed a deal for 52,000 square feet two years ago.

Lincoln Property is increasing its office investments near urban markets, but the Dallas-based company established itself with deals in and around Texas.

In March, the developer revealed plans for “The Arc at the Ion District,” a nearly 200,000-square-foot speculative research, laboratory and office building in Midtown Houston.

Rice University is set to serve as an anchor tenant at the complex, occupying close to 30,000 square feet, which is helping push the project toward securing construction financing.

The project will have flexible floor plates to accommodate a mix of office and life sciences space, a critical strategy given the soft Houston office market and national trends in life sciences development.

— Holden Walter-Warner