January 5, 2021
Global real estate company Gazit Horizons has acquired 1430 Massachusetts Avenue, a 50,000 square foot mixed use building on the corner of Massachusetts Avenue and Church Street in the Harvard Square area of Cambridge. The sales price was $45 million.
The property, which is known as College House, dates back to the 1830s and was originally a Harvard graduate student dormitory. The building is now occupied by retail and office, including Harvard University, on the upper floors. Gazit intends to implement a capital improvement plan to renovate the lobby, office common areas, and building systems. Retail tenants CVS and Santander Bank are expected to vacate in 2021, which will allow Gazit to reposition the retail portion of the space.
Brian Doherty and Dave Pergola of Cushman & Wakefield represented the seller in the off-market transaction, University Common Real Estate, which had owned the property for more than fifty years. Hingham Institution for Savings provided acquisition financing for Gazit Horizons.
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