Harvard Square Property Refinanced for $63.5 million
Asana Partners has refinanced their asset Brattle Court in Harvard Square for $63.5 million via Suntrust Bank.
The portfolio of two buildings located in the heart of Harvard Square totaling about 55,000 square feet of office and retail space. 1-8 Brattle Street is a three-story building with ground-floor retail and upper floor office space, and 17-41A Brattle Street is a single-story retail building zoned for up to eight stories of height. Asana Partners acquired Brattle Court for $108 million in December 2017.
Harvard Square office and retail portfolio sells for $108 million
Asana Partners of Charlotte, NC has acquired two buildings located in the heart of Harvard Square totaling about 55,000 square feet of office and retail space for $108 million. The sale of the buildings, located at 1-8 and 17-41A Brattle Street, amounts to about $1,964 per square foot. CBRE/New England represented the portfolio’s seller, the Dow and Stearns trust, in the transaction and procured Asana as the buyer. The buildings were listed for sale in September and on the market for three months. The seller owned 1-8 Brattle Street, a three-story office and retail building, for over 100 years and 17-41A Brattle Street, a single-story retail building, since the 1930s. While 17-41A Brattle Street is zoned for up to eight stories of height, Asana does not plan to expand either building. Rather, the buyer plans to hold both buildings for the long term.
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