1 GRANT ST FRAMINGHAM, MA THUR. OCTOBER 1 AT 10:00 AM. Framingham, MA Triangle Office Park 1 Building Known as BUILDING 5 PROPERTY INFORMATION PACKAGE

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1 Framingham, MA Triangle Office Park 1 Building Known as BUILDING 5 1 GRANT ST FRAMINGHAM, MA THUR. OCTOBER 1 AT 10:00 AM PROPERTY INFORMATION PACKAGE

2 Table of Contents Valuable Information & Terms of Sale 3 Auction Display Advertisement 4 Foreclosure Notice 5 Executive Summary 7 Property Photos 8 Factual Data 10 Aerial View 13 Location Maps 14 Site Data 16 Site Plan 19 Marlborough Assessor s Map 20 Zoning & Land Use 21 Marlborough Zoning Map 22 2

3 Valuable Information & Terms of Sale Auction Date & Time: Subject Property & Auction Location: Auction Terms of Sale: Disclaimer: Thursday October 1, 2015 at 10:00 AM 1 Grant St Framingham, Middlesex County Massachusetts Auction will be conducted on the premises $75, deposit via bank treasurer s check at the time and place of the sale as a non-refundable earnest money deposit towards the purchase price this check should be made payable to the person registering for the auction. If they are the successful high bidder, they will endorse the check to the attorney on site. An additional deposit required by federal wire transfer of $150, is due within five (5) business days of the date of the public auction. The balance of the purchase price shall be paid upon delivery of the deed within forty (40) days of the date of the public auction. The successful bidder shall be required to sign a Memorandum of Sale at the public auction containing the terms herein and any additional terms set forth in the Memorandum of Sale or announced at the public auction. All information contained within this package was derived from sources believed to be reliable. Information contained on the website, this information package or auction flyers does not constitute a representation, warranty or guarantee of any kind by the Auctioneer and/or the Seller and/or their Attorneys, Agents or Employees of the exactness, accuracy or completeness of any information herein. The Auctioneer and/or the Seller and/or their Attorneys, Agents or Employees expressly disclaim any responsibility or accountability thereof. The Auctioneer and/or the Mortgagee and/or their Attorneys, Agents or Employees shall have no liability whatsoever for any loss, cost or damage arising there from. Prospective buyers should rely solely on their own due diligence, inspection, consciousness and judgment. Announcements made on the auction block shall take precedence and supersede any previously printed material or any other oral statements made by any of the previously mentioned parties herein. Prospective bidders are encouraged to evaluate & perform their own due diligence. Bidders must rely on their own research & judgment. 3

4 (3) MORTGAGEES SALES OF REAL ESTATE AT PUBLIC AUCTION MARLBOROUGH, MA MULTI-TENANT OFFICE BUILDING FRAMINGHAM, MA TRIANGLE OFFICE PK (BLDG #5) 50,600± SF Bldg. on 4.3± Acres 50% Occupied By (2) Established Long-Term Tenants 165 Forest Street Wednesday September 30 at 10:00 AM Mortgage Ref.: Middlesex Cty South Bk Pg 540** DOWNTOWN 63,195± SF, 4-Story Renovated Mill/Office Bldg. 1 Grant Street Thursday October 1 at 10:00 AM Mortgage Ref.: Middlesex Cty South Bk Pg 1** WESTBOROUGH, MA - DOWNTOWN CROSSING 56,795± SF Multi-Tenant Bldg. on 16.77± Acres 74% Occupied By Medical/Service/ Restaurant 57 East Main Street Wednesday - September 30 at 2:00 PM Mortgage Ref.: Worcester Cty Bk Pg 217 ** Terms of Sale for Each Auction: $75,000 deposit at time of auction; an additional deposit of $150,000 via wire transfer is due within 5 business days; balance due in 40 days. Properties offered only individually & sold at each location. Lauren A. Solar, Esq., Hackett Feinberg P.C., 155 Federal St, 9 th FL, Boston, MA, Attorney for Mortgagee. Other terms announced at auction. Accuracy of info is not guaranteed; rely on your own due diligence. Call or visit website for property information packages. ** See Web for mortgage assignments & amendments. MA Lic #107 Sullivan-Auctioneers.com

5 MORTGAGEE'S SALE OF REAL ESTATE By virtue and in execution of the Power of Sale contained in a certain Mortgage and Security Agreement and Financing Statement dated November 4, 2005 from Framingham 300 Howard, LLC to Sovereign Bank, which mortgage is recorded with the Middlesex (South) County Registry of Deeds in Book 46434, Page 1, the Collateral Assignment of Lessor s Interest in Leases, Rents and Profits recorded with Middlesex (South) County Registry of Deeds in Book 46434, Page 13 (the Mortgage ) as affected by Amendment of Security Instruments recorded with the Middlesex (South) County Registry of Deeds in Book 53701, Page 38 as further affected by a Partial Release recorded with the Middlesex (South) County Registry of Deeds in Book 64789, Page 361, of which Mortgage the undersigned is the present holder, for breach of the conditions of said Mortgage and for the purpose of foreclosing the same will be sold at Public Auction at 10:00 A.M. on the 1 st day of October, 2015 at 1 Grant Street, Framingham, Massachusetts, being a portion of the premises described in the Mortgage as affected by any partial releases of record to wit: Lots B & C, as shown on plan entitled "Plan of Land in Framingham, MA, Property of David P. Depietri, Trustee of the Triangle Realty Trust, 293 Boston Post Road West, Suite 320 Marlborough, MA, 01752," endorsed by the Framingham Planning Board on June 25, 2002, as "Approval Under the Subdivision Control Law Not Required" recorded with Middlesex South Registry of Deeds on October 16, 2002, as Plan No.1108 of Together with the easements appurtenant to the above described property for utility lines, parking and access over lots 2, 4,6 and 18 (as defined in the Cross Easement Agreement referred to below), as more particularly described in and created by that certain Cross Easement Agreement dated October 11, 2002, recorded with Middlesex South Registry of Deeds on October 16, 2002, in Book Page 516, as affected by Confirmation, Correction and Amendment of Easement Agreement dated April 21, 2005 recorded at Book Page 20. Together with the non-exclusive easements appurtenant to the above described property for access, egress and utilities over Clinton Street, as more particularly described in and created by Easement Agreement, dated December 19, 1997, recorded with Middlesex South Registry of Deeds in Book Page 434. For title, see deed from David P. Depietri, Trustee of the Triangle Realty Trust to Framingham 300 Howard, LLC dated October 2, 1997 and recorded with the Middlesex County (South) Registry of Deeds in Book in Book 36720, Page 508. In the event of any typographical errors in the publication of this notice, the description in the Mortgage shall control. Said premises shall also be sold subject to and/or with the benefit of any and all other restrictions, easements, improvements, covenants, outstanding tax titles, municipal or other public taxes, assessments, liens or claims in the nature of liens, attachments and existing encumbrances of record created prior to the Mortgage, if any there be, insofar as in force and applicable. Said premises will also be sold subject to all leases and tenancies having priority over said Mortgage, to tenancies or rights of parties in possession now or at the time of said auction which 5

6 are subject to said Mortgage, to rights or claims in personal property installed by tenants or former tenants now located on the premises, and to laws and ordinances including, but not limited to, all building and zoning laws and ordinances. Terms of sale: The highest bidder in the sale of the premises shall deposit a bank treasurer's check, or certified check in the amount of Seventy-Five Thousand Dollars ($75,000.00) at the time and place of the sale of the premises as a non-refundable earnest money deposit towards the purchase price to be held at the option of the undersigned mortgagee (the Mortgagee ) as liquidated damages for any default by the successful bidder. The highest bidder in the sale of the premises shall then be required to remit by federal wire transfer an additional non-refundable deposit in an amount of One Hundred Fifty Thousand Dollars ($150,000.00) within five (5) business days of the date of the public auction. The balance of the purchase price shall be paid upon delivery of the deed within forty (40) days of the date of the public auction. The successful bidder shall be required to sign a Memorandum of Sale at the public auction containing the terms herein and any additional terms set forth in the Memorandum of Sale or announced at the public auction. In the event that the successful bidder at the public auction fails to perform in the time specified to purchase the premises, the Mortgagee reserves the right, at its sole election, to sell the premises by foreclosure deed to the other qualified bidders, in descending order beginning with the next highest bidder, provided that in each case the next highest bidder delivers to Mortgagee the amount of the required deposit within three (3) business days after written notice of the default of the previous highest bidder and promptly executes a Memorandum of Sale providing for performance within forty (40) days of execution. Mortgagee also reserves the right, at its sole election, to assume the bid of any defaulting or declining bidder. The Mortgagee reserves the right to postpone this sale to a later date by public proclamation at the time and date appointed for the sale and to further postpone any adjourned sale date by public proclamation at the time and date appointed for the adjourned sale date. For inquiries concerning the auction, please contact Sullivan & Sullivan Auctioneers, LLC at or Other terms to be announced at sale. Santander Bank, N.A. as successor by merger to Sovereign Bank, N.A. as successor by merger to Sovereign Bank By its attorneys, Lauren A. Solar, Esq. Hackett Feinberg P.C. 155 Federal Street, 9 th Floor Boston, MA

7 Executive Summary Property Location: Property Type: 1 Grant St Framingham, Middlesex County Massachusetts Office building PROPERTY DESCRIPTION: Site: The site consists of a commercially-zoned parcel of land containing 37,552 square feet. The property is located along the northeasterly side of Howard Street and Grant Street.. Improvements: 63,195± square foot, 4-story renovated mill/office building Known as Building 5 as a portion of the Triangle Office Park. Ownership: NOT INCLUDED IN THE AUTION are the other buildings that are part of the overall complex include a part two and three story building located at 300 Howard Street (Building 1) containing 68,042 square feet and a free-standing wood frame office building located at 2 Bishop Street (Building 18) containing 2,305 square feet. However, these are not part of the public auction. The subject property is owned by Framingham 300 Howard, LLC. Tax Assessors Parcel: Map 83, Block 161, Parcel #3 Zoning: CB Central Business District 7

8 Property Photos 8

9 Property Photos 9

10 Factual Data Property Identification & History: The subject property is located along the northeasterly side of Howard Street and Grant Street, in Framingham, Middlesex County, Massachusetts. The subject property represents a portion of the Triangle Office Park that is comprised of three separate office buildings identified by three tax parcels. The subject portion of the overall development consists of a four story office building located at One Grant Street (know as Building 5) that contains 63,195 square feet on a 37,552 square foot parcel of land. Until recently, the subject Building 5 was 84% occupied by Tetra Tech, Inc. whose lease terminated May 31, The building also includes basement level space formerly used as storage or office space. 10

11 Town & Neighborhood Overview The subject site is situated in the Town of Framingham. The town is situated in Middlesex County in eastern Massachusetts bordered by the communities of Sudbury on the north, Southborough and Marlborough on the west, Sherborn and Ashland on the south, and Natick and Wayland on the east. Framingham is located approximately 20 miles west of the City of Boston. The subject site is located within the "MetroWest" suburban area. The MetroWest area, comprised primarily of Natick, Framingham, Marlborough, Southborough, and Westborough, is located directly west of Boston along the Mass Turnpike. The subject is located in the downtown area of Framingham. The downtown area is located between the "Y"-shaped traffic circle formed by the intersection of Concord Street and Union Avenue, called Memorial Square, to the north and its mirror intersection at the junction of Irving Street and Hollis Street on the south end. The area is bisected by Waverly Street (Route 135) and the MBTA Commuter Rail tracks. The anchoring structure of Downtown is the town hall, known as the Memorial Building. The subject property is located within the southeast section of the Town of Framingham, immediately east of the central downtown district. This section of the city is dominated with residential neighborhoods with the subject within a small pocket of office and industrial development. The subject's location is also at the eastern extreme of the city with the town of Natick east of the subject's location. The subject's neighborhood is defined as the area surrounding the subject along Bishop, Howard and Grant Streets, with the subject's main competition located approximately two miles to the north along Speen Street and Route 9 and the limited office within the immediate neighborhood. The subject's neighborhood is generally defined as the commercial development from the subject's eastern location, west to the downtown district of Framingham, Route 135 to the south and Hartford Street to the north. The neighborhood to the south of the subject is designated as an industrial zoned area by the Town of Framingham, while the areas to the west and north are designated residential and is dominated by single family homes. The subject's immediate area is predominantly residential to the north and industrial to the east. The Framingham Business District is to the west and north, and beyond this area to the north is residential development. 11

12 Town & Neighborhood Overview (Cont d) Adjacent to the subject as part of the Triangle Office Park was the conversion and renovation of a building to 84 residential condominium units ranging in size from 700 to 1,400 square feet per unit. This development was ultimately converted to apartments. The area north of the subject beyond the immediate office and industrial uses includes single family residential development and parks. Access to the neighborhood is via Bishop Street from the north and south along the east side of the subject property and Route 126 from the north and south west of the subject property. Both streets intersect with Route 135 to the south, which is a major two-lane east-west thoroughfare through the southern section of the town of Framingham. Both Bishop Street and Route 126 intersect with Hartford Street to the north, which provides access to Speen Street and a Route 9 interchange at its eastern terminus. Route 126 also extends northward and intersects directly with Route 9. 12

13 Aerial View 13

14 Framingham Location Map 14

15 Street Location Map 15

16 Site Data Location: Area & Configuration: Frontage & Access: Utilities: The subject is located along the northerly side of Howard Street in downtown section of Framingham, Middlesex County, Massachusetts. The subject property is designated by the Framingham Tax Assessor s office as Map 83, Block 161, Parcel #3. The property consists of an irregularly shaped commercially zoned parcel of land containing 37,552 square feet. The site has ample frontage along the northerly side of Howard Street and the easterly side of Grant Street. Access to the site is provided from a curb cut along Grant Street. All public utilities including water, sewerage, electric power, natural gas and telephone services are available to the subject property. Site Improvements: The subject improvements (footprint) occupy approximately 45% of the site. The remaining site area consists mainly of paved walkways, asphalt paving and curbs, and landscaped areas with grass, shrubs and greenery. There are a reported approximate 600 parking spaces provided for the subject building, the 300 Howard Street and 2 Bishop Street buildings, an adjacent unoccupied office building and the Residences at Dennison Triangle. Of the 600 total spaces 400 spaces are provided in the four level structured parking garage that was completed in Building Improvements: The subject is comprised of a mill style building that has been renovated to office space and is interconnected with the 300 Howard Street building as well as one former guard house that has been converted to office use. The subject mill building is defined as Building 5. Building 5 is a four story Class B building, with a basement level that is partially partitioned to accommodate lab/office space. Building 5 has an area along the north side of the building to accommodate parking and access to the loading dock. Building 5 was a complete renovation that included a new HVAC system, replacement windows and interior tenant build out. 16

17 Site Data (Cont d) BUILDING IMPROVEMENTS Interiors: Lavatories: Mechanical Systems/HVAC: Hot Water: The main structure of the building is poured in place concrete columns and structure with wood planking floors and roof structure. The foundation is concrete and the exterior walls are structural masonry and brick facade and resemble a mill-style low-rise building. The roof was included in the renovation and has a rubber membrane covering. The building has one lobby at the north end of the building and the building is serviced with an elevator situated at the south end of the building. The building is also serviced with a freight elevator that is accessed from the loading dock at the south side of the building. The north and south ends of the building are also serviced with a stairway providing access to the four floors and the basement space. The general finish of the interior of the building is good to very good quality with exposed ceiling structures. The typical finish includes commercial grade carpeting with some wood planking that has a clear coat finish. The demising walls extend up to approximately 10 feet and define the space on each floor. There are also some perimeter office space and conference room areas that are enclosed and some of these spaces have a finished acoustical ceiling system. The walls are textured paint and have a vinyl baseboard and stained wood trim around the doors. Most of the space on each floor is open with few doors. The interior doors that exist are solid core wood. The windows have all been replaced and are extruded aluminum double hung windows with insulated window panes. All emergency exit doors are steel doors. The building is also serviced with a kitchen and dining room area and employee lounge area. Each floor has a central men's and women's bathroom located off the main corridor of the building. The typical finishes include tile floors, tile or painted drywall walls, and acoustical ceiling or ceiling tile with fluorescent lighting. The fixtures are standard and the countertop for the sinks is plastic laminate. Each men's room provides toilets and urinals and each women's room provides partitioned toilets. The mechanical system includes a gas fired boiler unit located in the basement with roof top air handlers. The heating system is a closed loop hot water system with radiators situated around the building and in most offices. The bathroom spaces are provided with cold and hot water. The hot water is provided from water heaters installed in the basement. Hot water is also provided to the common cafeteria areas where there is a sink. 17

18 Site Data (Cont d) BUILDING IMPROVEMENTS (CONT D) Fire Protection/ Security: Miscellaneous: UNFINISHED & VACANT AREAS The building has a fire detection system and all spaces are protected with a wet sprinkler system. The building is serviced with a loading dock with two overhead dock height doors. There is also a freight elevator with access to all floors from the dock area. The basement is equipped with a series of sump pumps that drain into the town storm drain system. The basement of the building is largely unfinished space. It includes concrete floors with the floor structure above exposed. Building 5 has some demised space containing 3,195 square feet that is retrofit into small offices used as lab space by the former tenant. 18

19 Site Plan 19

20 Framingham Assessor s Map SUBJECT 20

21 Zoning & Land Use Controls The subject site is located in the Framingham CB Central Business district. According to the zoning code, permitted principal uses include office, retail and those that promote the downtown urban area of the town. In general, the uses should be consistent with the surrounding development and may not include uses that create noise or air pollution issues. The following is a zoning analysis which outlines the dimensional requirements for the district. Zoning Summary Minimum lot requirements: 8,000 square feet Minimum setback requirements: Front yard: 10 feet Rear yard: None Side yard: None Maximum height: 80 feet Maximum stories: 6 stories Maximum Open Space: 5% Maximum FAR: 2.0 Lot frontage: 65 feet Off street parking: N/A 21

22 Framingham Zoning Map SUBJECT 22