Whelan Associates Sells Easton Medical Office Building for $14.7 Million

Whelan Associates, LLC has negotiated the sale of One Washington Place in Easton, MA and retains the property management of the 50,540 square foot medical office building.

Easton, MA --- July 17, 2008--- Whelan Associates, LLC announced today the sale of One Washington Place, one of the company’s newest medical office buildings in Easton, MA. The purchase price was $14.7 million or $292 per square foot. Whelan Associates retains property management of the building following the sale.

One Washington Place is the first of several buildings being planned and constructed by Whelan Associates at this site on the Easton/Stoughton line. The 50,540 square foot building, completed in 2007, is 100% leased. The building consists of seven medical office tenants including Orthopedic Care Specialists, Inc.; Dr. Albert Ackil, Inc., Neurologist; Caritas Good Samaritan Hospital/Beth Israel Deaconess Cardiologists; and Trinity Family Medicine. One Washington Place accommodates the latest medical technologies, including MRI, digital X-Ray, two ambulatory surgical suites and a full-service physical rehabilitation center.

“This sale underscores the validity of our company’s focus on value-added development.” said William M. Whelan, president of Whelan Associates. “Developing first class buildings in partnership with tenants creates value in these buildings and is a win-win situation for all parties involved. We are very encouraged by the level of activity we’re seeing in response to our development model.”

Additional buildings at Washington Place Medical Center are now in the construction and planning phases. Two Washington Place, a 42,000 square foot medical office building, is under construction and is 65% pre-leased. Completion of the building is expected in October 2008. Three Washington Place, a 26,000 square foot professional/medical office building, is fully permitted and is now being pre-leased.

The sale of One Washington Place was brokered by Rick Barnes of Sea Watch Realty, Inc., a commercial real estate brokerage company specializing in commercial and investment properties in southeastern Massachusetts.