Image courtesy of Elkus Manfredi Architects

The 475,000-square-foot Sullivan Courthouse redevelopment in East Cambridge will be ready for occupancy in fall 2023 after the addition of a new investor, developers said.

CBRE Global Investors is a new equity partner on the 40 Thorndike project, which is transforming the 20-story former superior courthouse into office space and 48 affordable housing units.

Bank OZK will be construction lender on the project, which began in 2020 with interior demolition and environmental abatement. Construction crews are currently installing a new terracotta and glass facade.

Boston-based Leggat McCall Properties and Granite Properties of Plano, Texas are joint venturing on the project, after leasing the property from the state Division of Capital Asset Management and Maintenance.

Developers bill the property as the “singular custom headquarters office opportunity” in East Cambridge. The vacancy rate in the 8-million-square-foot East Cambridge office market was 8.1 percent at the end of the second quarter, according to JLL research, with average direct asking rents of $89.62 per square foot. JLL arranged the latest funding and is leasing agent for the property.