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One of the largest commercial property owners on the east coast of the US has announced that it is to manage 480,000 square feet of new office space in Cambridge, Massachusetts.
Equity Partners will manage 125 and 150 Cambridge Park Drive, two Grade A office buildings located in West Cambridge.
The two buildings were recently acquired by an affiliate of Equity Partners’ parent company, Blackstone.
“These two highly desirable properties are an accretive add-on to our portfolio and increase our concentration in the metro Boston market to over 12 million square feet,” said Andrew Maher, Managing Director of Leasing for Equity Office in Boston.
“It’s a further demonstration of our commitment to building our presence in the dynamic and rapidly improving Cambridge commercial real estate market.”
Both buildings have direct access to metro Boston commuter rails and the Red Line of the MBTA, and both will be immediately available to lease, the company has announced.
Also both properties have flexible floor plans, ranging from 200 square feet to 200,000 square feet. There is a plethora of free parking in the area as well as a Whole Foods supermarket.
“The Cambridge and MetroWest commercial real estate markets are rebounding dramatically, driven by the resurgence of technology companies and the trend of converting offices to life science and laboratory space,” said Andrew Maher.
“More than 900,000 square feet of space in Cambridge has converted from office to lab use since 2000, and this has left a limited number of large blocks of space for growing tenants. The addition of these properties increases Equity Office’s opportunities to address the growing and diverse pool of high quality tenants in Cambridge, Burlington, Newton and Wellesley.”
“More than 900,000 square feet of space in Cambridge has converted from office to lab use since 2000, and this has left a limited number of large blocks of space for growing tenants. The addition of these properties increases Equity Office’s opportunities to address the growing and diverse pool of high quality tenants in Cambridge, Burlington, Newton and Wellesley.”
