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CAMBRIDGE, MA-MetLife Real Estate Investments has acquired a three-building, 286,678-sf office and laboratory complex in the city’s booming high tech corridor in a $103.4 million deal with an affiliate of Boston based Bullfinch Cos. The fully leased complex, which sold for a per-sf price of $361, was one of the most expensive properties to sell here this year.

“It’s obviously a quality product in a quality location with quality tenants and that commands the high rates we are seeing,” David Begelfer, CEO of the Boston office of the National Association of Industrial and Office Properties, tells GlobeSt.com. The three buildings ranging in size from one to nine stories are located at 50 Hampshire St., 60 Hampshire St. and 210 Broadway just a short distance from Kendall Square.

The property is fully leased to a number of companies including the engineering and consulting firm of Camp Dresser and McKee Inc., which has its headquarters at 50 Hampshire St. Identix Inc., a security technology company, fully leased a one-story building at 60 Hampshire St.

Gregory Reed, director of the Northeast real estate group of MetLife Real Estate Investments, says MetLife was looking for a solid investment in which to place funds acquired from the sale of two New York buildings and other assets. Cambridge Place was listed for sale by the Trammell Crow Co. in April and drew offers from six firms.

The Cambridge office and R&D market has grown increasingly heated in the last several months as investors, concerned about the volatility of the stock market, turn to real estate to enhance their portfolios. “As long as the interest rates continue to remain low and the stock market continues to be perceived as volatile by investors, real estate will continue to be seen as a solid and stable investment,” says Begelfer, noting that the trend is expected to continue. “I don’t think we’ve seen the end soon. For the next year or two, I think we’ll still see escalating demand and prices for real estate.”

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