Contrarian Capital Management has entered a $90 million joint venture recapitalization with KS Partners for the 1-million-square-foot Andover Landing at Brickstone office complex.
The property consists of three office buildings at the I-495/Route 28 interchange and is 70 percent leased.
KS Partners recently completed a $5 million capital improvement program including expanded café services, a 375-seat cafeteria, a new outdoor patio and courtyard, a coffee and juice bar, 100-seat conference center and game room. KS Partners will continue to manage the property.
An additional 150,000 square feet of leases are pending, according to ownership.
The 53-acre park contains three buildings ranging from 281,545 to 379,384 square feet built between 1919 and 1934 as the headquarters of American Woolen Co. that were converted to office space in 1986.
A joint venture of KS and Oaktree Capital Management acquired the park in 2014 for $59.5 million.