Beacon Capital Sells Cambridge Site To Leggat McCall Properties and ING Cushman & Wakefield Brokers $14.4 Million Sale
BOSTON - On behalf of Beacon Capital Partners, Cushman & Wakefield announced the sale of ONE FIRST STREET, a six-story, eight-building complex totaling 269,793 gross square feet and prominently located on the corner of First Street and Cambridge Street in Cambridge, Mass.
The Financial Services Group of Robert E. Griffin, Jr., Marci Griffith Loeber and Edward C. Maher, Jr. exclusively represented Beacon Capital and procured the buyer, Leggat McCall Properties in joint venture with ING.
ONE FIRST STREET is an extremely unique redevelopment opportunity to convert the existing property into a vibrant residential community with 199 units. The property is prominently situated across Cambridge Street from the Lechmere MBTA Green Line "T" station and across First Street from the 811,000 square foot CambridgeSide Galleria shopping mall and the historic Charles River. Situated in the flourishing East Cambridge area, the development will include residential condominiums with ancillary parking and retail uses.
"Leggat McCall's acquisition of ONE FIRST STREET couldn't be better timed. The residential market in the immediate Boston area is white hot. The historic nature of the project, the vibrant in-fill East Cambridge/Kendall Square area and high residential demand guarantee the project's success," said Marci Griffith Loeber, Executive Director at Cushman & Wakefield. "This is a clear example of the barriers to entry that so many developers face; there are so few remaining land sites within Eastern Massachusetts that developers are seeking out creative re-uses of historic structures."
Constructed in various phases, ONE FIRST STREET originally dates back to 1866, when the first of its eight interconnected buildings was constructed as a site for the Davenport Furniture Company. As its most recent use, the six-story property was home to the New England Confectionery Company (NECCO). Immediate proximity to the area's public transportation and major throughways, MIT, Boston's popular Museum of Science, Massachusetts General Hospital and over 11.2 million square feet of office space in the desirable East Cambridge office market will provide residents of ONE FIRST STREET with one of the Boston area's finest and most convenient residential addresses.