Three office buildings in Cambridge’s revitalized Alewife submarket have sold for a combined $370.2 million to a partnership of Longfellow Real Estate Partners and Morgan Stanley.

The buildings total 605,873 square feet and the sale price is $611 per square foot.

Roseview Group and PM Realty Group sold the 135,615-square-foot 100 Cambridgepark Drive for $60.2 million. Newmark Knight Frank’s Rob Griffin, Ed Maher, Matt Pullen and Sam Hallowell represented the sellers, who acquired the property in 2014 for $41.5 million. The building was completed in 1990 and is currently 96 percent leased.

CBRE Global Investors sold the 201,922-square-foot 125 Cambridgepark Drive and the 268,336-square-foot 150 Cambridgepark Drive to Morgan Stanley for a combined $210 million. CBRE New England’s Dave Pergola Jr. and Brian Doherty represented both parties.

CBRE Global Investors paid $163 million to acquire the properties from Equity Office in 2014, double the price they previously traded for in 2011.

Operating partner Longfellow will manage the properties. In a statement, Longfellow Managing Partner Jamie Peschel said the long-term strategy is to make the properties a “preferred destination for science and technology companies.”

Traditionally the relief valve office and lab market to East Cambridge, Alewife’s office and lab market has staged a strong recovery in recent years. Alewife’s 627,000-square-foot lab market’s 0.0-percent vacancy rate has prompted developers to pursue office-to-lab conversions such as 35 Cambridgepark Drive. The Davis Cos. is converting the building into a 223,000-square-foot lab complex called The ARC (Alewife Research Center), scheduled for completion in mid-2018.

Alewife Office Buildings Sell For $370M

by Steve Adams time to read: 1 min
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