Cambridge, MA Roseview-PMRG Fund I (the Fund), a $250 million discretionary fund formed by PMRG and The Roseview Group, has completed the first phase of a $2 million renovation of 100 CambridgePark Dr., a class A, five-story, 135,572 s/f office building. The Fund acquired the asset in December 2014 for $41.5 million.
The renovation included significant improvements to common areas on the first, second, third, and fifth floors. Additionally, upgrades were made to all lobbies, restrooms, corridors, and elevators, and a pulp glass wall system and custom wooden identity walls were added to modernize the interior of the office building. Finally, the building’s mechanical, electrical, plumbing and fire protection systems were updated and improved. Integrated Builders was the general contractor for the project.
Lobby at 100 CambridgePark Drive - Cambridge, MA“With the improvements complete, 100 CambridgePark Dr. provides its tenants with an even better workplace experience,” said Steve Corridan, managing partner of The Roseview Group. “We also believe that this asset is now poised to attract new tenants that are seeking a high-profile office environment featuring an ideally located and prestigious Cambridge address.”
Corridan noted that the property offers easy access to the Red Line or “Tech Train” and a location in a rapidly growing urban infill submarket with over 1700 residential units recently completed or currently under construction. The current office direct vacancy in the Cambridge market has been gradually tightening and ended the third quarter of 2016 at 2.3%, its lowest level since 2000.
PMRG’s Boston office oversees property management for 100 CambridgePark Dr. with leasing being handled by Ben Coffin and Brian Flaherty of JLL.
Developed in 1990, 100 CambridgePark Dr. is a brick-clad office building adjacent to the Alewife MBTA that features efficient 27,100 s/f floorplates. The building and surrounding campus offers numerous amenities including a full-service Whole Food’s Cafe, state-of-the-art fitness center and onsite childcare center. 100 CambridgePark Dr. is 94% leased to several high profile firms including Cambridge Systematics, Cambridge Bank, ICF International and Modo Labs.
PMRG’s Boston office currently manages more than 13.1 million s/f of mixed use, R&D, industrial and office properties including the 707,221 s/f Riverview Technology Park in Tewksbury and the 459,455 s/f distribution center at 625 University Ave. in Norwood.
Roseview-PMRG Fund I, LLC seeks to acquire and reposition existing office assets, which can be acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The Fund will bring an operational approach to owning office assets and, in addition to growing revenue, will focus on operating buildings more efficiently, improving the tenant experience and reducing waste and promoting eco-friendly consumption. The Fund will target mid-teens returns with total investment per asset of $15 to $65 million in primary and secondary markets.
The Roseview Group 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. The Fund is also actively seeking acquisitions of GSA-leased assets and value-added multifamily assets.
Headquartered in Houston, Texas, PMRG is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in more than 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities. Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information about PMRG, visit www.pmrg.com. Please contact David Ebeling at 949.861.8351 or david@ebelingcomm.com for further information about PMRG.
