MassDevelopment Puts Award-Winning 100 Cambridge Street Up For Sale
October 20, 2014
FOR IMMEDIATE RELEASE
Mark Sternman, MassDevelopment, 617-330-2034 & 617-780-6186 (cell)
MassDevelopment has selected Colliers International to market the assignment of the remaining sixty-eight years on the ground lease of 100 Cambridge Street. Any owner would have to maintain the Class A office space of 100 Cambridge Street and assume its leases.
The Commonwealth closed the Leverett A. Saltonstall State Office Building, built in 1965, in 1999 and selected MassDevelopment to redevelop the contaminated property, located at the corner of Cambridge and Bowdoin Streets in downtown Boston. MassDevelopment rehabbed and rebranded “100 Cambridge Street” into a development with 600,000 square feet of office and retail space, and 75 residential condos (19 of which are affordable).
“100 Cambridge Street is a model public-private partnership and a successful example of mixed-use, transit-oriented development,” said MassDevelopment President and CEO Marty Jones. “Working with Colliers International represents a natural evolution in turning over this attractive asset so we can focus our resources on those communities and sectors that most need them.”
MassDevelopment reopened 100 Cambridge Street in 2004. The building has had an occupancy rate of at least 95% since 2007. 100 Cambridge Street received the BOMA Boston Building of the Year Award in 2005; designation as an Urban Land Institute Award for Excellence Finalist - Mixed Use in 2006; and a LEED O&M Silver Certification in 2011.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.