Westbrook Partners Sells 1030 Mass Ave. for $17 Mil

CAMBRIDGE, MA-Westbrook Partners sold 1030 Massachusetts Ave. here for $17 million. The Dallas, Texas-based investment firm sold the four-story building to Boston-based Paradigm Properties.

The 65,492-sf building is located right outside of Harvard Square here and is an office and retail building. According to Richard F. Herlihy, of the financial services group at Cushman & Wakefield, the building is fully leased. Among its tenants are Target Analysis Group, and TSA, an architectural firm. The building, which has lease rates in the high $30s to low $40s, was part of a portfolio purchased by Westbrook for $2 billion from Travelers Insurance in 1996. Herlihy tells GlobeSt.com that this sale is a “pruning” of that portfolio. “The building is now fully stabilized, its value has increased and it’s an opportunity for them to realize a gain,” he says.

This is the third in a series of deals done by the new financial services group at Cushman & Wakefield. Members of the team–Robert E. Griffin, Jr., Herlihy and Christopher T. Griffin–represented Westbrook Partners and procured the purchaser. The group was formerly with Trammell Crow and moved over to Cushman & Wakefield about six weeks ago.