Principal's Hard Work Leads to Rent Bump in Cambridge
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.
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