Banker & Tradesman | By Steve Adams
December 28, 2016
Intercontinental Real Estate Corp. has acquired Cambridge College’s 108,000-square-foot office and classroom complex at 1000 Mass Ave. in Cambridge for $69.5 million.
The sales price is $644 per square foot. The property attracted widespread interest from potential buyers, with more than 60 tours of the property, said Frank Petz, managing director of JLL’s capital markets team in Boston.
“This had as much interest as anything in downtown (Boston) and it came from domestic as well as international investors. It was a very unique opportunity,” Petz said.
JLL’s Petz, Managing Directors Jessica Hughes and Chris Angelone and Senior Vice President Matthew Sherry represented the seller.
Built in 1983, the 4-story complex between Harvard and Central squares is the second major Cambridge acquisition for Boston-based Intercontinental in 2016. In March, Intercontinental acquired the three-building, 425,730-square-foot Canal Park office complex which includes the headquarters of online marketing company Hubspot from Beacon Capital Partners. An Intercontinental spokeswoman did not immediately return messages about the company’s plans for 1000 Massachusetts Ave.