BOSTON – Roseview-PMRG Fund I (the “Fund”), a discretionary fund managed by Boston-based Roseview Investment Advisors in partnership with Houston-based PMRG, announced that it has sold 100 CambridgePark Drive, a Class A, five-story, 135,615-square-foot office building in Cambridge, MA to an undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners.
The Fund acquired the asset in December 2014 for $41.5 million. In 2016, it completed a significant renovation of the property which included a brand-new Gensler-designed lobby, restrooms and amenities, highlighted by a new on-site indoor bike room with lockers and showers. The Fund was also successful in leasing up the vacancy in the building, increasing occupancy during the hold from 78% to 96%.
“As the first roundtrip office investment in our new Evergreen Fund, 100 CambridgePark Drive is a prominent example of successfully executing on our teams value-add investment strategy to reposition the building while consistently outperforming our initial underwriting and providing attractive risk-adjusted returns for our investors,” said Steve Corridan, Partner at Roseview. “The Fund will continue to seek to acquire and reposition office assets in primary and secondary markets across the country.” The Fund currently owns properties in Atlanta, Houston, Philadelphia, Northern California and Tampa.
Newmark Knight Frank’s Boston Capital Markets Group led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Associate Director Samantha Hallowell oversaw the transaction.
“As the newest-vintage office building along CambridgePark Drive, 100 CambridgePark Drive boasts the best façade, window line and floor plate as well as the lowest add-on factor among its immediate competitive set,” said Pullen. “The property also features highly-flexible, efficient floor plates that are best suited to meet the market’s wide variety of tenant requirements.”
Developed in 1990, 100 CambridgePark Drive is a brick-clad office building located just one block from the MBTA Red Line in West Cambridge’s premier mixed-use neighborhood. The building and surrounding campus offers numerous amenities including on-site indoor bike room with lockers and showers, a state-of-the-art wellness center, full-service café, outdoor patio seating and fire pit, recreation center and collaborative conference facility within neighboring 125/150 CambridgePark Drive. 100 CambridgePark Drive is 96 percent leased to several high profile firms.
“We look forward to working with our partners and tenants to execute a long-term vision for making CambridgePark a preferred destination for science and technology companies in Greater Boston,” said Longfellow Managing Partner Jamie Peschel. “While Longfellow is very active in other key markets, we are thrilled to add to our Boston portfolio in a location with such tremendous potential.”