In November 2021, Gordon Brothers acquired a 78,000-square-foot office building on 8.6 acres at 6 Riverside Drive in Andover, Massachusetts as a value-add conversion to a research and development and flex building with our joint venture partner Ciminelli Real Estate Corporation, a Buffalo based full-service commercial real estate firm.
The property is a multi-tenant, 44% leased office building constructed in 1989 and renovated in 2016. Immediately after purchasing the building, our joint venture began the office conversion and marketing the available space. We anticipate completing the conversion of the remaining suites to research and development tenancies within a two-year holding period.
This acquisition gave Gordon Brothers and Ciminelli Real Estate Corporation a unique opportunity to convert office space to research and development and take advantage of the desirable location. The building at 6 Riverside Drive is positioned within a growing research and development corridor in suburban Boston with high demand and very limited supply in the market. Additionally, the area is a natural relief valve for life science and research and development companies continuing to expand outside of Cambridge and Somerville.
Our operating partners benefit from Gordon Brothers’ reputation as a knowledgeable and actionable investor. Our firm specializes in structuring complex, multi-asset transactions in the retail, commercial and industrial sectors. We partner with operating companies and their investors to help overcome operational challenges during transformation.
Gordon Brothers invests in compelling value-add opportunities including distressed, transitional and excess corporate real estate. Our firm offers various equity strategies including asset acquisitions, joint venture equity investments and sale leasebacks. We purchase existing notes and offer various debt strategies to owners including senior loans, bridge loans and mezzanine financing.
In addition to our real estate investment platform, we offer a variety of real estate services such as portfolio reviews, sale of real estate and lease restructuring, including terminations, renewals, site selection and in-house real estate department augmentation.