Boston Residential Group Sells Office Asset in Cambridge, MA
The fully leased office and retail property is located across the street from Harvard University's campus library. Boston Residential developed the building in 1985.
By Jeff Hamann
1280 Massachusetts Ave. in Cambridge, Mass.
Boston Residential Group has sold a 43,120-square-foot office and retail property in Cambridge, Mass., to Intercontinental Real Estate Corp. of Boston. The sale price was undisclosed, but industry professionals estimated the price at about $40 million, according to The Real Reporter of Boston. In September, a similar Cambridge office asset was sold for $30.1 million.
The fully-leased building is home to Harvard University, Equity Resources Investments and Qdoba Mexican Grill among others. Located at 1280 Massachusetts Ave. in Harvard Square, the five-story building features 33,828 square feet of office space above 8,540 square feet of retail space. Tenants can use the 32 parking spaces beneath the property. Boston Residential Group developed 1280 Mass Ave. in 1985 and has owned and managed it since.
The property is within walking distance from the MBTA Red Line Harvard Square subway station and directly across the street from Harvard University’s Widener Library.
“Boston Residential Group is proud to have been the steward of a Harvard Square asset that has significantly grown in value with great tenants and we are happy to place it in the hands of a premier local owner and operator of Class A real estate assets,” said Curtis Kemeny, president & CEO of Boston Residential Group, in prepared remarks.
Image courtesy of Boston Residential Group
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