Brookwood Financial Partners LLC, a Beverly-based real estate investment firm, has bought the nearly half empty One Alewife Center in Cambridge from New Boston Fund.

The 89,826-square-foot, four-story office building is at the intersection of Route 2 and Route 16. Brookwood said the building can accommodate tenants between 5,000 square feet and 24,000 square feet (a full floor). Brookwood intends to make several improvements to the property.

"We believe that the West Cambridge submarket will benefit" from the leasing activity and low vacancy in Cambridge and East Cambridge, said Thomas W. Brown, Brookwood’s senior managing director.

Terms of the transaction were not disclosed.

New Boston Fund bought One Alewife in 1999 for $15.7 million with a $15.8 million mortgage, according to data collected by The Warren Group, publisher of Banker & Tradesman. The property is assessed at $1.2 million.

New Boston represented itself in the sale. Brookwood was represented by Chris McMahon and Doug Adamian of Newmark Grubb Knight Frank of Boston.