515 Mass Ave office and retail building in Cambridge’s Central Square fully leased to Santander sells for $30.1 million
Timothy Casey, a local real estate investor and president of Boston-based moving company Casey & Hayes, has acquired 515 Massachusetts Avenue, a 46,350-square-foot office and retail building fully leased to Santander Bank located in the heart of Cambridge’s Central Square, for $30.1 million. The sale amounts to over $649 per square foot and was funded by $18 million of mortgage financing from First Republic Bank. Newmark Knight Frank’s Boston capital markets group brokered the sale of 515 Massachusetts Avenue. The building’s seller, Cardinal Capital Partners, acquired the property in August 2000 for nearly $11 million.
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