A discretionary fund formed by PM Realty Group (PMRG) and The Roseview Group has acquired a Cambridge office building for $41.5 million.

Roseview-PMRG Fund I purchased 100 Cambridge Park Drive, a five-story, 135,572-square-foot office building. This was the first acquisition for the $250 million discretionary fund, which was formed in July to acquire and reposition office properties across the United States. It will target mid-teens returns with total investment per asset of $15 to $65 million in primary and secondary markets, according to a press release.

Roseview-PMRG Fund I represented itself in the acquisition. Cushman & Wakefield represented the seller, Transatlantic Investment Management.

The fund will invest several million dollars to re-position the property, including lobby and other common area renovations. It is 78 percent leased to tenants including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. PMRG’s Boston office will oversee property management with leasing being handled by Joseph Flaherty’s team at Colliers International.

"100 Cambridge Park Drive is an ideal asset for the fund because it is perfectly situated to respond to the demands of today’s tenants, including a prestigious Cambridge address, access to the Red Line or ‘Tech Train’ and a location in an exploding urban infill submarket with over 1700 residential units under construction," Steve Corridan, managing partner of The Roseview Group, said in a statement. "This property is exactly the type of product we are seeking to acquire for our fund, value-added office properties with a story in key infill U.S. markets."