June 27, 2017
Roseview-PMRG Fund I, a discretionary fund managed by Boston-based Roseview Investment Advisors, in partnership with Houston-based PMRG, divested 100 CambridgePark Drive, a Class A, five-story, 135,615-square-foot office building in Cambridge, MA to an undisclosed buyer in conjunction with operating partner Longfellow Real Estate Partners.
The asset had been acquired in December 2014 for $41.5 million. In 2016, a significant renovation of the property was completed. The building’s vacancy subsequently was boosted from from 78% to 96%.
Roseview’s Steve Corridan said, “As the first roundtrip office investment in our new Evergreen Fund, 100 CambridgePark Drive is a prominent example of successfully executing on our teams value-add investment strategy to reposition the building while consistently outperforming our initial underwriting and providing attractive risk-adjusted returns for our investors.”
NKF’s Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell oversaw the transaction.
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