CBREIM Acquires Majority Interest in Cambridge Life Science Property
A fund sponsored by CBRE Investment Management has acquired a majority interest in 300 Third Street — a 132,000-square-foot, Class A life sciences building located in the Kendall Square/East Cambridge neighborhood of Cambridge, MA — through a joint venture with a publicly traded REIT.
The transaction marks the fund’s second acquisition of a life sciences property in the area within the past three months and is aligned with the fund’s strategy to expand its exposure in the rapidly growing life sciences sector.
Originally built in 2000, 300 Third Street is a six-story life sciences building comprised of both recently renovated office/lab spaces and street-level retail space housing an upscale sushi restaurant. The property features floor plates averaging 32,000 square feet, 12’8” ceiling heights, bicycle parking, shower facilities LED lighting, enhanced air filtration systems and substantial power capacity for elevator, loading and HVAC systems.
The property is currently 100% leased to a pharmaceuticals firm.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.