Dedham, MA - Strategic Resources Corporation (SRC), the New York-based fund manager and investment advisor to Phoenix Four, Inc., an event-driven real estate opportunity fund, has announced the acquisition of the Dedham Executive Center. The center is a 180,000 square foot office building located at the intersection of Route 128 and Route 1 in Dedham, Massachusetts, 15 minutes from downtown Boston.

The transaction was announced by James J. Hopkins III, Executive Vice President of Strategic. Dedham Properties, LLC, an affiliate of Phoenix Four, Inc., purchased the property from Dedham Holdings, Inc., a private real estate investment trust (REIT) serviced by General Electric Capital Realty Group, Inc., for $25,600,000.

The center, built in 1974 and extensively renovated in the 1980s and 1990s, is located at the northwest corner of the 128 South sub-market of Greater Boston just off Interstate 95 at Exit 15. Dedham Executive Center consists of a three-story office building with an attached, 195,000 square foot underground parking lot.

"Our analysis of the rent roll at Dedham Executive Center," said Elliot Ravech, a partner and President of Peter Elliot, the leasing and managing agent for the property, "revealed a healthy roll of approximately 20 percent of the leases each year over the next three years, which will provide us with the opportunity to optimize the tenancy of the property."

The Property will continue to be leased and managed by Peter Elliot, LLC, which has managed and leased the asset for over 25 years. Peter Elliot is a full-service property management and leasing company with offices at Dedham Executive Center, as well as throughout the New England region. "This office corridor," said Peter Brown, a partner of Peter Elliot, "like most suburban office markets outside Boston, has experienced tremendous demand from tenants, all competing for a limited supply of space. This has driven rents up, and even well along into the expansion continued demand shows no signs of abating."

Peter Elliot's leasing program will take a much more active approach to working with cooperating brokers, noted Ravech. "Many brokers in this market are currently working with fantastic tenants for whom Dedham Executive Center could be a great fit," Ravech said. "It is our goal to ensure that those brokers and their tenants are made aware of the space opportunities at the property.