"It's going to be a major deal," one local investment brokertells GlobeSt.com, saying the properties "will get tons ofattention." Constructed between 1984 and 1986 by JLL's predecessor,Spaulding & Slye, the two buildings were pioneers inestablishing Alewife as a business address, with several otherproperties constructed subsequent to that venture. Today, Alewifenot only features several leading tenants, but also a host ofamenities have followed the office construction, which nowencompasses 2.1 million sf, according to JLL's Q1 office marketresults. Besides a hulking parking garage and the first stopinbound for the Red Line subway into Boston, 125 and 150CambridgePark Dr. also abut a class A apartment complex and variousretail and restaurant options that did not exist at the market'sinception.

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Calls regarding the sale of 125 and 150 CambridgePark Drive werereferred to JLL principal Cappy Daume, who was unavailable forcomment by press deadline. Other investment specialists working onthe assignment reportedly include Scott Jamieson, Gail McDonough,and Michael Smith, who has participated in two prior sales of 125and 150 CambridgePark Drive, the last in 2001 to JP Morgan.

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A New York City-based real estate advisor and investment firm JPMorgan acquired the two assets for $97 million in December 2001from Blackstone Real Estate Advisors, which had purchased them inearly 1999 for $84 million. JLL has had a strong connection to thebuildings throughout the assets' existence, including their currentrole as leasing agent and property managers.

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The smaller and older of the buildings is 125 CambridgePark Dr.,a six-story, 184,000-sf building developed in 1984, while 150CambridgePark Dr. opened two years later. It features 252,000 sf in10 stories. Current tenants in the buildings include EMC Corp.,Advanced Magnetics, Harvard Design & Mapping and World Travel.The occupancy rate at 125 CambridgePark Dr. is 91.2%, compared to60% for 150 CambridgePark Dr.

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While the latter occupancy might seem a bit on the low side,observers say vacancy could be a plus for landlords given theshrinking inventory of space in Cambridge, especially for largeblocks. Alewife had 14,000 sf of net absorption in the firstquarter, JLL reports, putting the vacancy rate there at 11%, whilethe average asking rent there is now $27.42 per sf, a bargaincompared to Cambridge's average asking rent of $34.24 per sf.

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