{"id":1004039811,"date":"2012-03-14T04:28:47","date_gmt":"2012-03-14T12:28:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004037458"},"modified":"2022-12-08T00:01:36","modified_gmt":"2022-12-08T08:01:36","slug":"divcowest-makes-71m-office-buy-in-cambridge","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-makes-71m-office-buy-in-cambridge\/","title":{"rendered":"DivcoWest Makes $71M Office Buy in Cambridge"},"content":{"rendered":"

By Nicholas Ziegler, News Editor<\/strong>
\n\"\"<\/a><\/p>\n

DivcoWest is having a busy week. Just days after announcing its $71 million acquisition of the 261,059-square-foot Caribbean Corporate Center<\/a> in Silicon Valley, the firm has spent $79 million on The Davenport, a 220,000-square-foot Class A office property in Cambridge, Mass. The firm picked up the property from a client of AEW Capital Management L.P. in a sale brokered by the capital markets group of Cushman & Wakefield Inc.<\/p>\n

Keith Wallace of DivcoWest\u2019s acquisitions team called the property \u201ca highly regarded asset\u201d that will \u201cappeal to a new generation of innovative entrepreneurs.\u201d The Cambridge market has seen quite a bit of activity of late, with BioMed Realty Trust picking up two buildings in the last three months: the 287,000-square-foot Cambridge Place for $119 million<\/a> and the $343 million pickup of an 80 percent stake in two laboratory \/ office buildings<\/a> in the city from Prudential Real Estate Investors, giving BioMed a 100 percent stake in the properties.<\/p>\n

The four-story building was originally built in 1860 as the Davenport Furniture Factory and was renovated and converted to office use in 1987.\u00a0\u00a0The prior owner completed a lobby renovation in 2009.\u00a0The Davenport is currently 95 percent leased with a diverse tenant roster that includes HubSpot, Sonos, Zipcar and Atlas Venture.<\/p>\n

The Cambridge area was characterized as an active market in 2011 by Colliers International, with the firm writing that the city rode \u201ca dual wave of growth from life-sciences and technology companies.\u201d The vacancy rate for Cambridge\u2019s office-and-lab market dropped from 14.1 percent to 12.9 percent over the year, with 217,730 square feet of positive absorption — 196,980 of which occurred in the fourth quarter.<\/p>\n

The Davenport was acquired for DivcoWest Fund III, an $871 million fund raised late last year to invest primarily in tech-oriented real estate markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

DivcoWest has spent $79 million on The Davenport, a 220,000-square-foot Class A office property in Cambridge, Mass. The firm picked up the property from a client of AEW Capital Management.<\/p>\n","protected":false},"author":1201,"featured_media":1004037083,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21808,21742,10,21747,21787],"tags":[],"class_list":["post-1004039811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-featured","category-latest","category-northeast","category-office","category-technology"],"acf":[],"yoast_head":"\nDivcoWest Makes $71M Office Buy in Cambridge - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/divcowest-makes-71m-office-buy-in-cambridge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DivcoWest Makes $71M Office Buy in Cambridge\" \/>\n<meta property=\"og:description\" content=\"DivcoWest has spent $79 million on The Davenport, a 220,000-square-foot Class A office property in Cambridge, Mass. 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