Boston, MA March 18, 2015 – Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development, and management firm headquartered in Boston, MA announced the acquisition of 100 Cambridge Street in Boston, Massachusetts. Intercontinental purchased this acquisition from MassDevelopment. The acquisition was led by Michael Keyes, Director, Acquisitions and Patty Pytlik, Associate Director, Acquisitions.
100 Cambridge Street is a 22 story, Class A office building containing 565,157 square feet of office space and 34,539 square feet of retail space for a total of 599,696 square feet. The Property is located in the heart of downtown Boston, between the Financial District and Beacon Hill and offers unobstructed 360-degree views across Boston and Cambridge. Forty-eight percent 48% of the building is currently leased to the Commonwealth of Massachusetts, while the remaining space includes tenants such as Bright Horizons, Rite Aid, Citibank, Massachusetts General Hospital, Cannon Design and American Student Assistance. The Property boasts direct access to a below-grade parking garage with 332 spaces.
Peter Palandjian, Chairman and CEO of Intercontinental commented, “Historic 100 Cambridge Street represents a terrific opportunity to invest in a high-quality, core asset. On behalf of the many public pension and union retirement funds, the endowments and foundations invested with Intercontinental, we believe this will be a great "hometown property" to add to our national portfolio."
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth of Massachusetts. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.
Intercontinental Real Estate Corporation is an SEC registered investment adviser with deep expertise in real estate investment, finance, development, construction management and asset management. Since 1959, Intercontinental has managed, developed, and owned over $10 billion in real estate property. Today, Intercontinental owns and manages a portfolio in excess of $4 billion for its clients. Intercontinental balances its portfolio both by robust property mix and by geographic diversification, while actively seeking opportunities to invest in both core and core plus, as well as value-add development projects. Visit www.intercontinental.net for more information.