JV Scores Prime Boston-Area Office Portfolio for $270M
- Jun 27, 2017
A partnership between Longfellow Real Estate Partners and Morgan Stanley has purchased a three-building office portfolio in Cambridge, Mass. The Class A properties encompass 605,873 square feet and will be managed by Longfellow, the operating partner in the joint venture.
The properties were recently renovated and include a high-end wellness center, full-service cafe, outdoor patio seating and fire pit, recreation centers and collaborative conference facilities. The acquisition included:
- 100 CambridgePark Drive, a 135,615-square-foot, five-story office building constructed in 1990, which traded for $60.2 million, according to Yardi Matrix. Newmark Knight Frank’s Rob Griffin, Ed Maher, Matt Pullen and Sam Hallowell brokered the transaction. The property previously changed hands in 2014, when a joint venture of Roseview Evergreen Fund & PM Realty Group acquired it for $41.5 million. The building is occupied by such tenants as Prometrika, Cambridge Savings Bank, Modo Labs and ICF International Inc.
- 125 CambridgePark Drive, a 201,922-square-foot, six-story property erected in 1985, which previously changed hands in 2014 for $67.4 million. The current owners purchased it from CBRE Global Investors. Tenants include Boston Scientific, TriNetX, Bitsight Technologies Inc. and Regus.
- 150 CambridgePark Drive, which comprises 268,336 square feet and ten stories. It was built in 1985. The joint venture purchased the asset—along with 125 Cambridge Park Drive,—for $210 million. CBRE New England’s Dave Pergola Jr. and Brian Doherty acted on behalf of both parties. Additionally, the property previously traded in 2014 for $95.6 million. It houses companies such as HP Inc., Intuit Inc., PointRight Inc. and MAK Technologies.
The assets are located in the vicinity of retailers, hotels, eateries, fitness centers and parks. The Alewife Station transit stop, located less than five minutes away, facilitates transportation, along with major roads, such as Alewife Brook Parkway and Route 2.
“We look forward to working with our partners and tenants to execute a long-term vision for making CambridgePark a preferred destination for science and technology companies in Greater Boston,” Longfellow Managing Partner Jamie Peschel said in a prepared statement.
Image courtesy of Yardi Matrix