News
Principal's Hard Work Leads to Rent Bump in Cambridge
March 25, 2013
Principal Real Estate Investors managing director Joe Pierce and assistant managing director John Carrick were our guides for a look at the newly renovated lobby of One Rogers Street at Charles Park in East Cambridge. Nearly eight years ago, the Des Moines-based real estate investment firm purchased the 369k SF office complex built by Lotus. Now 16% vacant, average asking rents have climbed to the upper -$40s/SF (from recession rates in the low $30s/SF). Nearby, Principal is building a 144-apartment multifamily building, Watermark Kendall East, due for completion in May, Principal has leased 16 apartments there, where rents range from $2,500/month to $4,600/month.
There's more than one way to peel a banana, or is there? susan@bisnow.com.
