HFF Arranges $30M Refi for Cambridge, Mass., Multi-Tenant Office
- Apr 08, 2016
By Bogdan Odagescu, Associate Editor
Boston—HFF recently announced that it has arranged a three-year, $30.39 million loan for a Cambridge, Mass., multi-tenant office asset on behalf of Griffith Properties and Artemis Real Estate Partners. The floating-rate loan was placed through Eastern Bank by an HFF team led by Managing Director Greg LaBine and Director Porter Terry.
The six-story, 134,561-square-foot office building at 10 Fawcett St. is situated in the Alewife area of Cambridge. Located less than one mile away from the Alewife MBTA Station, the property is within walking distance of Fresh Pond, the Alewife Brook Parkway Shopping Center, Fresh Pond Mall, a Best Western Hotel, as well as several additional restaurants and retailers.
Sitting on a 2.53-acre lot, the property was completed in 1985 and underwent renovations in 2011. According to Yardi Matrix, 10 Fawcett St. features controlled access and 269 above-ground and subterranean parking spots. Apart from offering direct public access to Harvard Square, MIT, South Station, and downtown Boston through the MBTA Red Line, the property is also close to Route 2 and I-90 via Fresh Pond Parkway, providing good connections for both the suburbs and the city.
Although former lead occupant Cambridge Trust recently vacated, the property is fully leased to tenants including Raytheon BBN, General Services Administration and Accion Int’l. Several short-term leases will give way to international consulting firm Abt Associates starting April 2018, which chose 10 Fawcett St. as its future regional headquarters.
Image courtesy of Yardi Matrix