Boston-based Intercontinental Real Estate Corporation, a national real estate investment, development and management firm, has purchased the Canal Park portfolio, a recently renovated office and retail campus in East Cambridge, for $304 million. The property was sold by Beacon Capital, which placed the campus up for sale in 2015, expecting it to fetch bids of up to $315 million. Beacon originally acquired the property in 2014 via separate transactions totaling $169, then invested another $11 million in upgrades to reposition the property as a Class A office campus.
"This investment represents every characteristic we seek in a 'core' investment: primary market, high quality construction, transit friendly location, and high quality occupancy," said Intercontinental Real Estate Corporation CEO Peter Palandjian in a press release. "Plus, this investment is directly in our 'backyard.' We have invested successfully in Cambridge going back 5 decades." Intercontinental bought the 426,000-square-foot complex through the firm’s United States Real Estate Investment Fund, a $5.6 billion fund that invests in a range of commercial properties across the country.
Built between 1987 and 1999, Canal Park overlooks the Charles River with easy access to Harvard Square, Downtown Boston, the Back Bay, and within a block of an MBTA station that connects to North Station in Boston. The three-building complex, most recently renovated in 2015, includes:
One Canal Park is a 4-story, 101,128 square foot building with 85,460 square feet of office space and 15,668 square feet of retail space;
Two Canal Park is a 5-story, 202,567 square foot building with 197,397 square feet of office space and 9,170 square feet of retail space; and
Ten Canal Park is a 6-story 118,035 square foot building with 107,650 square feet of office space and 10,385 square feet of retail space.
The property was 97% leased when it was put up for sale, with major tenants including Blackbaud, CarGurus, HubSpot, Kayak, Philips and Symantec.
For more news and information visit Blumberg Partners.
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