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Cambridge Office Building Fetches $68 Million

Deal includes two potentially lucrative parcels.

By Joe Clements | Updated on July 28, 2000

CAMBRIDGE, MA—A five-level, 310,000-sf office building at 215 First St. in the booming Kendall Square district has been purchased for $68 million by Capital Properties of New York from Beacon Capital Partners. Dating to 1895, the brick-and-beam property, which is 99.7% leased, takes up an entire city block and serves as headquarters to Millennium Pharmaceuticals and Bitstream. The acquisition also includes two potentially lucrative development parcels, now parking lots: 195 First St. and 77 Doc Linsky Way. Said to be the strongest of Cambridge’s three office submarkets, Kendall Square has just over 10,000 sf available in its inventory of 7.8 million sf, according to Cushman & Wakefield.

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