Pembroke Acquires 280-Unit Cambridge Property For $170M: The Boston Deal Sheet
The real estate arm of the parent company of Fidelity Investments acquired the 280-unit Proto in Kendall Square in Cambridge.
Pembroke acquired the property for $170M, the Boston Business Journal reported. The property marks the company's fifth residential acquisition in two years. Proto is 95% occupied.
“This decade is one when we’ve seen the global real estate market profoundly change — people want more from the places where they live and work, and they want ease in transitioning between these places," Pembroke President Edward Johnson said in a statement. "We’re diversifying our portfolio to complement our office and mixed-use properties in leading metropolitan markets by investing in residential assets in the same locations."
The company bought the property from its developer, BXP. The apartment building opened in 2018.
The acquisition comes as Pembroke finishes construction on its Commonwealth Pier redevelopment of the former Seaport World Trade Center. The 738K SF mixed-use waterfront project is set to be completed in 2026.
The company's portfolio also includes the Seaport East and Seaport West office towers at Commonwealth Pier, 255 State St. and 245 Summer St.
The Kendall Square property features community spaces, a fitness center, a pet spa and bike storage.
BXP is working on another 439-unit apartment tower at 121 Broadway. The tower will be the tallest building in Cambridge when it is complete.
Newmark's Robert E. Griffin Jr., Thomas Greeley, Devlin Man, Michael Byrne, Casey Giudicelli and Mickey Chapple brokered the deal
SALES
TruAmerica Multifamily acquired the 179-unit The Sto apartment complex in Stoughton. The property is situated on nearly 24 acres along the city's Central Street. The complex includes a 4,500 SF clubhouse, a fitness center, an outdoor lounge and a firepit. The purchase is part of the company's $2.5B in 2025 investments, which consists of 6,000 units across 40 markets.
CBRE's Simon Butler, Patrick Stepleton, Ryan Greer and Spencer Beckwith arranged the transaction.
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The 92K SF 99 Bedford St. office building sold for $19M to Boston investment firm Chevron Partners and partner Capital Hall Partners. Chevron said it plans to make several capital improvements to the building, including renovations to the lobby and tenant amenities. The upgrades will also include a 9,600 SF spec suite for a new tenant to move in.
Renovations are anticipated to be completed by 2026.
LEASES
Workbar will expand its Needham coworking space by 12K SF, bringing its total leased footprint to 40K SF, BBJ reported. With the expansion, the 117 Kendrick St. site would double in size since it first opened in 2020. The expansion will include meeting and event space.
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BXP sold its 409K SF 140 Kendrick St. campus in Needham for $132M. Lincoln Property Co. and Cross Ocean Partners acquired the property. The campus is 96% leased.
Wellington Management is the anchor tenant for the property, and other tenants include Clarks, CyberArk, Walker & Dunlop and Focus Partners Wealth. Newmark's David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado, Conor Reenstierna and Harrison Zucco worked on the deal.
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AKJ Trading signed a 20K SF lease at Atlantic Management's 5 Norfolk Drive in Easton. R.W. Holmes' Robert Strelke represented the landlord, and Lincoln Property Co.'s James Tambone represented the tenant.
FINANCING
MassDevelopment issued a $21M tax-exempt bond on behalf of the Animal Rescue League of Boston to build a three-story, 30K SF facility at 10 Chandler St. in Boston. The facility will expand ARL's presence in Boston, supporting 40 full-time jobs and six part-time jobs.
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MassDevelopment issued a $23M tax-exempt bond on behalf of an affiliate of The Neighborhood Developers for its 56-unit affordable housing project at 110 Ocean Ave. in Revere. The project will include 32 units set aside for households earning up to 50% of the area median income and 24 homes set aside for households earning up to 30% AMI.
The project is expected to be completed in September 2027. TD Bank purchased the tax-exempt bond.
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Boston Residential Group LLC secured a $23M acquisition loan for a 65-unit luxury apartment complex at 1008 Mass Ave. in Cambridge. The company secured the financing through Manulife/John Hancock Life Insurance Co.
JLL's Anthony Cutone, Joyce and Michael Schwarze represented the borrower in the deal.
PERSONNEL
Synergy hired Will Grosvenor as senior vice president of asset management. In the new role, Grosvenor will oversee asset operations, leasing, and redevelopment initiatives to support the company's portfolio. Grosvenor brings more than 15 years of experience.
Most recently, he served as development project manager and head of retail at Related Beal. He has also held leadership roles at The Related Cos. and Tishman Speyer.
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Skanska appointed Jason Cheney as program director of the company's integrated solutions group. In the new role, Cheney will support public and private K-12, healthcare, manufacturing and higher education clients in New England.
Cheney brings more than 20 years of experience into this role, having prior experience as project director at CSL Consulting LLC, director of business development at Engelberth Construction and preconstruction manager at Trumbull-Nelson Construction.
CONSTRUCTION AND DEVELOPMENT
The Hamilton Co. completed its 72-unit Mill Street Heights development in Woburn. Hamilton and partner New England Realty Associates purchased the development site for $59.6M in 2019.
The company received a certificate of occupancy on Nov. 18, and the first tenants plan to move in on Dec. 1. The apartment community is adjacent to the company's 181-unit Mill Street Gardens property.
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The HYM Investment Group, Cathexis and the city of Revere celebrated the groundbreaking of the second apartment building at Suffolk Downs on Tuesday. The 473-unit apartment building, named Portico, is the latest project at HYM's 161-acre Suffolk Downs redevelopment, which would deliver 10,000 homes in Revere and East Boston.
The project will include more than 33K SF of ground-level retail, a 15th-floor sky deck and a lounge with a kitchen and terrace.
