LOS ANGELES – November 11, 2014 – A fund sponsored by CBRE Global Investors has acquired 125 and 150 Cambridgepark Drive, two Class A office buildings totaling 470,258 square feet in Cambridge, Massachusetts. The combined buildings are 92 percent leased.
The six-story 125 Cambridgepark Drive is 201,922 square feet, and the 10-story 150 Cambridgepark Drive is 268,336 square feet. The buildings, which form part of a larger mixed-use campus, feature flexible 28-35,000 square foot floorplates, walkable access to the MBTA Red Line and newly renovated lobbies. Parking is provided on-site in multiple shared surface lots, and there are plans to build a 456-space parking garage on-site.
CBRE Global Investors plans to invest in the property by upgrading building systems, pursuing LEED certification, and adding its signature 5-Star Worldwide service and amenity program.
“Boston is a well-established gateway market, and Cambridge is a desired infill location because it is home to numerous tech and biotech firms seeking an urban location and proximity to major research institutions,” said Vance Maddocks, President of CBRE Strategic Partners U.S. “Both the metro and submarket are expected to see continued improvement in absorption and rental growth rates over the next five years.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $88.6 billion in assets under management* as of September 30, 2014. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has approximately 44,000 employees in approximately 350 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of properties and real estate-related loans; securities portfolios; and investments in operating companies, joint ventures and in private real estate funds under its fund of funds program. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.