DivcoWest Grabs Cambridge Office for $79M

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.

Cambridge Office Property Sold for $13.6M

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.