X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CAMBRIDGE, MA-IBM sold One Rogers St. and One Charles St. to an affiliate of Rockwood Capital Real Estate Fund IV for $84.5 million. IBM acquired the adjoining first-class office buildings which are located in East Cambridge when it bought Lotus Development Corp.

One Rogers is 252,000 sf and is currently fully occupied by IBM while One Charles is 108,000 sf and is nearly completely vacant. Lotus had been in both buildings before it was bought by IBM.

Senior vice president Cappy F. Daume of the Spaulding & Slye Colliers Capital MarketsGroup initiated the transaction, and together with Spaulding & Slye Colliers principalsWilliam F. Magner and Timothy B. Fraser, assisted both parties in closing the sale.Spaulding & Slye Colliers was retained to provide leasing and property managementservices for both buildings. The sale includes structured parking for 656 vehicles.

Both buildings are comprised of six floors and share a landscaped courtyard. They are located adjacent to the CambridgeSide Galleria and the newly opened Hotel Marlowe.

The office market in East Cambridge was hit hard by the recession, but there are signs that a recovery is in the near future. According to Trammell Crow Co.’s most recent statistics, the overall availability rate in the area, which includes sublease space, was at 25.7% in April, down from 28.8% in January. Average asking rents for office space in East Cambridge is about $33 per sf.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.