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Fleet Sells Harvard Square Building in Sale/Leaseback Deal

CAMBRIDGE, MA-Fleet Bank sells 1414 Massachusetts Ave., a 78,220 sf first class

By Naomi Grossman | Updated on January 23, 2004

CAMBRIDGE, MA-Fleet Bank sold 1414 Massachusetts Ave., a 78,220 sf first classoffice and retail building in the heart of the city’s Harvard Square, to Wells Real Estate Funds. A spokesperson for Wells tells GlobeSt.com that financial details of the deal are not being disclosed but according to published reports, the property was sold for $42 million.

Senior vice presidents Michael G. Smith and Cappy F. Daume of the Spaulding& Slye Colliers Capital Markets Group represented the seller and introducedthe buyer in the sale/leaseback transaction.

The building, which was completely renovated in 2002, is located directly across from Harvard Yard. The five-story building is 97% leased. It consists of 49,522 sf of first class office space occupied by Harvard University on floors two through five, and 26,417 sf ofnew retail banking space on the lower and mezzanine levels which serves as Fleet’s flagship retail bank. Both tenants are on long-term leases. Another 2,281 sf of retail space is under construction and is slated to be completed in 2004.

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