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Cambridge Building Under Agreement for $76.5 Million

CAMBRIDGE, MA--Candy factory slated for telecommunications use.

By Joe Clements | Updated on July 29, 2000

In what could turn out to be a particularly sweet deal for the New England Confectionary Co. (Necco), the local candymaker is selling its headquarters at 254 Massachusetts Ave. for a reported $76.5 million. Tribeca Partners, founded by a broker from Insignia/ESG in New York City, is said to be planning a telecommunications data center in the massive property.

“That’s the word on the street,” says one Boston real estate broker familiar with the deal. The source, who requested anonymity, insists that Tribeca has the property tied up. Insignia/ESG of Boston is said to be leasing broker.

Calls to broker William Brodsky at Insignia/ESG’s New York office were not returned. Citing a confidentiality agreement, Necco spokesman Stan Byerly declined comment, except to acknowledge that the 500,000-sf property is on the market. “It will all probably be known in the next couple of weeks, but right now we can’t say anything about it,” says Byerly.

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