Roseview-PMRG Fund I sells 135,615 s/f 100 CambridgePark Dr.; Griffin, Maher, Pullen and Hallowell of NKF oversee deal

 

 

 

 

Cambridge, MA Roseview-PMRG Fund I (the Fund), a discretionary fund managed by Roseview Investment Advisors in partnership with Houston-based PMRG, has sold 100 CambridgePark Dr., a class A, five-story, 135,615 s/f office building to an undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners for an undisclosed price.

The Fund acquired the asset in December 2014 for $41.5 million. In 2016, it completed renovations of the property which included a new Gensler-designed lobby, restrooms and amenities, a new on-site indoor bike room with lockers and showers. The Fund was also successful in leasing up the vacancy in the building, increasing occupancy during the hold from 78% to 96%. 

Newmark Knight Frank’s Capital Markets Group led by U.S. head of capital markets Robert Griffin, vice chairman Edward Maher, executive managing director Matthew Pullen and associate director Samantha Hallowell oversaw the transaction.

“As the first roundtrip office investment in our new Evergreen Fund, 100 CambridgePark Dr. is an example of successfully executing on our teams value-add investment strategy to reposition the building while consistently outperforming our initial underwriting and providing attractive risk-adjusted returns for our investors,” said Steve Corridan, partner at Roseview. “The Fund will continue to seek to acquire and reposition office assets in primary and secondary markets across the country.” The Fund currently owns properties in Atlanta, Houston, Philadelphia, Northern California and Tampa.

“As the newest-vintage office building along CambridgePark Dr., 100 CambridgePark Dr. boasts the best façade, window line and floor plate as well as the lowest add-on factor among its immediate competitive set,” said Pullen. “The property also features highly-flexible, efficient floor plates that are best suited to meet the market’s wide variety of tenant requirements.”

Developed in 1990, 100 CambridgePark Dr. is a brick-clad office building located one block from the MBTA Red Line in West Cambridge’s mixed-use neighborhood. The building and surrounding campus offers amenities including on-site indoor bike room with lockers and showers, wellness center, café, outdoor patio seating and fire pit, recreation center and collaborative conference facility within neighboring 125/150 CambridgePark Dr. 100 CambridgePark Dr. is 96% leased.

“We look forward to working with our partners and tenants to execute a long-term vision for making CambridgePark a preferred destination for science and technology companies in Greater Boston,” said Longfellow managing partner Jamie Peschel. “While Longfellow is very active in other key markets, we are thrilled to add to our Boston portfolio in a location with such tremendous potential.”