1280 Massachusetts Avenue

Fully-leased Harvard Square commercial property sells for $45.15 million

Boston Residential Group has sold 1280 Massachusetts Avenue, a 100%-leased commercial building located in Harvard Square, to Intercontinental Real Estate Corporation for $45.15 million. The sale amounts to approximately $1,047 per square foot. CBRE/New England's Capital Markets team represented Boston Residential Group in the transaction and procured Intercontinental as 1280 Massachusetts Avenue's buyer. 

Originally developed by Boston Residential Group in 1985, 1280 Massachusetts Avenue is located in the heart of the booming Cambridge market, which boasts rapidly growing rents, an office vacancy rate of just 2.4% and an average office rent of over $68 per square foot per Lincoln Property Company's latest Cambridge Office & Lab Market Report. “[Cambridge] is arguably the center of the universe for Life Sciences and the home obviously of Harvard and MIT universities, said Peter Palandjian, Chairman & CEO of Intercontinental, in a prepared statement. “Now more than ever, it has become an incredibly vibrant and energetic market.”