BOSTON– JLL Capital Markets announced that is has completed the sale of a 7,200-square-foot building at 1120 Massachusetts Ave. in the Harvard Square area of Cambridge, Massachusetts.
JLL marketed the property on behalf of the seller, a private entity advised by Ella Properties, LLC. An affiliate of The Bulfinch Companies, Inc. purchased the asset with plans to reposition the building as a first-class office, medical or biotech property. The acquisition of 1120 Massachusetts Ave. further strengthens Bulfinch’s growing portfolio in the Cambridge market.
1120 Massachusetts Ave. is in the heart of Harvard Square, a globally recognized commercial district, business address, entertainment center and residential neighborhood near Harvard University. The transit-oriented property has a Walk Score® of 97 and is a short walk to the Harvard Square Subway Station on the MBTA Red Line, Greater Boston’s “Brain Train” for direct connection to MIT. It is also proximate to the burgeoning employment centers in Kendall Square, Alewife and downtown Boston. Completed in 1970, the building has two floors above grade plus a fully improved basement.
The JLL Capital Markets team representing the seller was led by Directors Kellie Coveney and Michael Restivo.
According to JLL Research’s 2020 Life Science Real Estate Outlook, the Greater Boston Area is the top-ranked life science cluster in the country, followed by the San Francisco Bay and the San Diego Metro Areas. The current pandemic has revealed how critical life sciences is to the U.S. and global economies.