Intercontinental Pays +$1,000 PSF for Fully Leased Office/Retail Bldg. in Harvard Square
Intercontinental Pays +,000 PSF for Fully Leased Office/Retail Bldg. in Harvard Square
Property Developer Boston Residential Group Sells 1280 Mass Ave. After +30 Years of Ownership
Intercontinental Real Estate Corp. added to its local portfolio with the purchase of a fully leased office and retail building in Cambridge, MA in a deal that eclipsed the $1,000 per square foot mark.
The Boston investment advisor with roughly $6 billion in assets under management paid $45.14 million, or approximately $1,044 per square foot, to Boston Residential Group to acquire 1280 Mass Ave., a five-story, 43,210-square-foot property constructed in 1985 in Harvard Square.
Boston Residential Group and its affiliates developed the mixed-use building and had managed the property up until the sale earlier this month. Designed by Symmes Maini & Mckee Associates, now SMMA, the brick and stone building includes 33,828 square feet of office space, 8,540 square feet of retail space and 32 underground parking spots.
Current office tenants in the building include Harvard University, Equity Resources Investments and music software company Mark of the Unicorn, while Tatte Bakery and Cafe, Qdoba and SEE operate retail locations on the ground floor.
Please refer to CoStar COMPS #4074255 for more information on this transaction.