An investment fund run by New York-based O’Connor Capital Partners has purchased 70 Fawcett Street in Cambridge, Mass. for $13.6 million according to a Boston Business Journal article. New Boston Fund originally acquired 70 Fawcett Street through its Fund VI in two phases. In 2003, Level 3 Communications sold New Boston the 4.9 acres of land and its interest in a ground lease. In 2005, New Boston then acquired the leasehold interest which included the 141,000-square-foot building.
"The sale of 70 Fawcett Street to O’Connor Capital Partners aligns perfectly with our disposition strategy," said Tim Medlock, President of New Boston Fund. "We felt it was an appropriate time to sell this property and we are confident that it will provide the perfect site for their planned residential development."
The sale was negotiated between New Boston Fund and Cabot, Cabot & Forbes on behalf of the buyer.
For more news and information visit Blumberg Capital Partners.
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