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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.

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