BOSTON—The Boston office of Colliers has orchestrated a deal for the sale of the 22-story building at 100 Cambridge Street, to Boston-based real estate company, Intercontinental Real Estate Corporation, for $280 million.
Colliers International's investment sales team in Boston, with support from its retail and downtown office leasing groups, brokered the leasehold interest sale between MassDevelopment and Intercontinental. Colliers International's Douglas Jacoby and Scott Dragos, both senior vice presidents, were the drivers behind this massive transaction.
The 600,000-square-foot property, owned by the Commonwealth of Massachusetts, was leased to Mass Development, an organization that works with businesses, nonprofits, and local, state, and federal officials and agencies to strengthen the Massachusetts economy. The state will lease floors 2-12 until 2052.
“The transaction affirms the fresh interest we're seeing in Boston's Government Center area and validates this location with its view of Beacon Hill, the Charles River, and the Cambridge Street medical area,” said Jacoby. “A key selling aspect of this transaction was the quality of the property that MassDevelopment created in its redevelopment of this well known property.”
Jacoby and Dragos, joined Colliers in 2014. They have worked as partners for seven years and in recent years have included Downtown Boston as part of their focus. Other Colliers team members who played an instrumental role in the transaction include, Tony Hayes, Mike McLaughlin, Tim Mulhall and their assistant, Lyndsey Ferreira.
Formerly known as the Leverett Saltonstall Building, 100 Cambridge Street claims a rich history in Boston, having been built in 1965 and thoroughly renovated and reopened by MassDevelopment in 2004 as a LEED Silver certified building. The renovation included the addition of 34,539 square feet of retail space, a 75-unit residential condominium complex housed in a new five-story structure at the base of the office tower, and Saltonstall Plaza on the western side of the property.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
