First class office/retail building sold in Cambridge, MA
Boston – October 3, 2016 – CBRE/New England's Capital Markets and Cambridge teams today announced the sale of 1050 Massachusetts Avenue, a six-story, 62,474 square foot, first class office/retail building located in Cambridge, MA. CBRE/NE's Dave Pergola, Brian Doherty and Chuck Kavoogian represented the seller, Putnam Circle Associates, and procured the buyer, L&B Realty Advisors.
1050 Massachusetts Avenue is currently home to several long-term office tenants including Cambridge 7 Associates, the National Bureau of Economic Research (NBER) and Northstar Project & Real Estate Services. Pyara Spa & Salon is currently the sole retail occupier of first floor building space. The property was originally developed by the current owner in 1974 and was designed by Cambridge Seven Associates.
1050 Massachusetts Avenue is located on a prominent corner lot at the intersection of Massachusetts and Putnam Avenues, right next to the world-renowned Harvard University and famed Harvard Square neighborhood. The property is conveniently located with remarkable access to nearby public transportation via several MBTA bus and train stations. Alternatively, the transit-oriented destination allows for ease of accessibility to the Massachusetts Turnpike, Interstate 93 and in-and-out access to the Logan Airport. Parking accommodations for the asset include 30 on-site spaces in addition to a rare satellite surface lot offering 24 more spaces on Ellery Street.
About CBRE/New England CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.