November 6, 2008

Intercontinental buys Cambridge tower

Boston Business Journal

Intercontinental Real Estate Corp. acquired Central Plaza in Cambridge, Mass. for $31.6 million.

Boston-based Intercontinental purchased the 166,458-square-foot building on behalf of its U.S. Real Estate Investment Fund LLC. The property includes a 15-story office tower, a separate five-story building, a two-story annex that connects the two buildings, and two separate surface parking lots totaling 1.92 acres of land that can accommodate 293 vehicles. The property is currently 98.9 percent leased to tenants including the Cambridge Housing Authority, Harmonix Music Systems Inc., HFMH Architects Inc. and Cytel Inc. Central Plaza is located above the MBTA’s Red Line subway station and in close proximity to the Massachusetts Turnpike and Route 2. 

Intercontinental Management Corp., an affiliate of Intercontinental Real Estate Corporation, will manage the property.

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