Roseview/PMRG Sell Class A office building in Cambridge, MA
BOSTON, MA – Roseview-PMRG Fund I (the “Fund”), a discretionary fund managed by Boston-based Roseview Investment Advisors in partnership with Houston-based PMRG, announced today that it has sold 100 CambridgePark Drive, a Class A, five-story, 135,615-square-foot office building in Cambridge, Massachusetts 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.”
Headquartered in Boston, Roseview is a privately owned real estate investment and advisory firm that serves institutional clients across the country. Collectively, Roseview’s principals have served as lead investment officers on several billion dollars of real estate equity and debt investments. The partners have led investment companies, launched funds, raised and invested billions of institutional capital, worked with family offices as well as public and corporate pension funds, and established a track record of success with a great level of integrity. Roseview manages the Roseview Evergreen Fund, a $500 million separate account relationship with a major US pension fund. www.roseview.com
About Longfellow Real Estate Partners
Longfellow Real Estate Partners serves the unique demands of science and technology companies and focuses on the most innovative cluster locations in the US. The firm acquires and develops facilities in strategic locations and builds long-term relationships with research-centric organizations including life science companies, universities, medical centers and research institutes. The principals of Longfellow have developed and managed more than 6.5 million square feet of laboratory and high tech space over their careers including numerous high profile projects on the East Coast. The company’s institutional capabilities and entrepreneurial vision enables Longfellow to deliver high quality laboratories and innovation space while satisfying each tenant’s unique requirements. For more information about Longfellow and/or its projects, please email email@example.com.
About Newmark Knight Frank
Newmark Knight Frank (NKF) is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NKF's strong foundation makes it one of the most trusted names in commercial real estate. NKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive OfficerHoward W. Lutnick. For more information, please visit www.bgcpartners.com.