According to Cushman & Wakefield, Foulger-Pratt has sold 200 Inner Belt Rd. to North River. 200 Inner Belt Rd. is a four story, 186,326 s/f, class A office building with an associated four-acre development site. The sale price was not disclosed.
This property is located off I-93, four miles from downtown Boston, three miles from Kendall Sq./East Cambridge and within walking distance to two MBTA subway stations.
Cushman & Wakefield's capital markets team of Robert Griffin, Jr., Edward Maher Jr. and Matthew Pullen represented the seller. Cushman & Wakefield's Scott Gredler, who worked with previous ownership as the exclusive leasing agent of the property, has been retained on the listing.
"200 Inner Belt Road presented North River with a unique opportunity to take advantage of a value-add property in a transit-oriented, inner suburban market," said Chris Pachios of North River.
Presently 82% leased, the asset provides exceptional ceiling heights and large floor plates with floor load capacities of 150 pounds that can serve a variety of tenants and uses including biotechnology and R&D. The site has been city approved for multiple zoning variances including a second office building of similar dimensional characteristics or multifamily use, in addition to a variety of other scenarios.
"200 Inner Belt Rd's location allows the property to fully capitalize on tenant migration to high-quality value alternatives, especially with laboratory and office users being priced out of neighboring Cambridge," said Robert Griffin, Cushman & Wakefield.