1 Memorial Drive
Update
08/26/21
Kendall Square Office Complex Sold for $825 Million
Oxford Properties Group sold 1 Memorial Drive to a joint venture between MetLife Investment Management and Norges Bank Investment Management. for $825,100,000. A 17-story, class-A office building located in Cambridge’s Kendall Square neighborhood, 1 Memorial Drive features 400,000 square feet of space currently 100% leased to technology companies Microsoft and InterSystems. The property last traded for $405M in 2014.
“This transaction perfectly encapsulates Oxford’s investment and asset management strategy,” commented Chad Remis, Executive Vice President, North America, Oxford Properties. “We acquired this property with high conviction in the market’s growth potential and an intention to enhance its value through our direct management capabilities. We took a creative approach to developing additional office space at the asset through the conversion of excess parking in the boutique tower, as well as securing long-term renewals by providing first-class service to the building’s customers.”
