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Boston-based Intercontinental Real Estate Corp. has added to its Cambridge portfolio with the acquisition of a fully leased 43,120-square-foot office and retail building in Harvard Square, for $45.15 million.
The 5-story building at 1280 Massachusetts Ave. contains 33,828 square feet of office space, 8,540 square feet of retail space and 32 below-grade parking spaces, and was designed by SMMA of Cambridge. It was developed by the seller, Boston Residential Group, in 1985. The sales price is nearly $1,050 per square foot.
Current office tenants include Harvard University, Equity Resources Investments, and Mark of the Unicorn, a music software company. Retail tenants are Tatte Bakery and Café, Qdoba Mexican Eats and SEE Inc.
Intercontinental CEO Peter Palandjian said the company is bullish on Cambridge real estate.
“Now more than ever, it has become an incredibly vibrant and energetic market,” Palandjian said in a statement.
Intercontinental last December paid nearly $70 million or $644 per square foot for Cambridge College’s 108,000-square-foot office and classroom building at 1000 Massachusetts Ave. Its Cambridge holdings also include the 425,730-square-foot Canal Park office campus anchored by Hubspot, which it acquired in May 2016 for $304 million.
