MassDevelopment's $280M Sale Is The Year's Largest
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In the largest commercial property trade so far this year, MassDevelopment closed on its sale of 100 Cambridge St to Intercontinental Real Estate for $280M.
The 600k SF former state office building, once stigmatized by contamination as a “sick building,” was gladly purchased Tuesday by Intercontinental, a major Boston-based pension adviser and developer. Years ago, the state handed the building over to the quasi-public MassDevelopment to reposition. In this deal, its largest "by far,” MassDevelopment has recouped the $49.3M it invested and the state will get $90M, SVP Zach Greene tells Bisnow. He says the agency will plow these funds back into various deals including the salvage of other surplus public property here and in cities like Springfield, Pittsfield and Haverhill.