DivcoWest Fund III successfully acquired the Davenport, a four-story Cambridge office building listed on the National Register of Historic Places, for $79 million, or about $357 per square foot, according to a Boston Business Journal article. Robert E. Griffin, Jr., Edward C. Maher, Jr. and David J. Pergola of Cushman & Wakefield's Capital Markets Group, along with Debra Gould and Juliette Reiter of Cushman & Wakefield, represented the seller and procured the buyer.
The historic structure at 25 First St. in the Kendall Square/East Cambridge area was originally built in 1860 and converted into office space in 1987. In 2008, challenged by low occupancy, the owners hired Sasaki Associates to reimagine the space which included renovations to common spaces and the lobby, and the inclusion of lockers, showers and bike storage. The property was 95% leased at the time of sale with major tenants including HubSpot, Sonos, Zipcar and Atlas Venture.
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment