Senior managing director Riaz Cassum and senior real estate analyst Anthony Cutone, both of the Boston office of Holliday Fenoglio Fowler LP, arranged the 10-year, fixed-rate loan through AIG Global Real Estate Investment Co., a correspondent lender, on behalf of Cabot, Cabot & Forbes.
The property was 82% occupied at the time of closing by ten tenants including IBM's E-Business Group, Genzyme Corp., Cambridge Energy Research Associates, Boston Concessions Group, ENDECA and Finnegan Henderson.
"The building has undergone extensive capital improvements recently and has successfully captured a significant majority of the Cambridge market absorption over the past 18 months. 55 Cambridge Parkway's success is reflective of the flight to quality by tenants taking advantage of today's rental rates," says Cassum.
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