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Wells REIT Acquires 98,000-SF Harvard Square Building

CAMBRIDGE, MA-As part of its continuing strategy to enter the local market, Atlanta-based Wells Real Estate Investment Trust, Inc. purchases One Brattle Square, a 98,069-sf building located in Harvard Square.

By Naomi Grossman | Updated on February 27, 2004

CAMBRIDGE, MA-Wells Real Estate Investment Trust Inc. acquired One Brattle Square, a 98,069-sf building located in Harvard Square. This is the second acquisition in the Harvard Square area for the Atlanta-based REIT. In January, Wells completed the acquisition of 1414 Massachusetts Ave.

Financial terms of the deal were not disclosed. The six-story building is fully leased to Harvard University which occupies 55,065 sf, or 56% of the building; EMI Group, a UK-based music producer and distributor, which leases 23% of the building; and, the Limited, Inc., an apparel retailer, which leases 17% of the building. While Harvard has a long-term lease on the space, both EMI and the Limited have shorter terms on their leases. David Steinwedell, chief investment officer with Wells Real Estate Funds, tells GlobeSt.com that the space will present an opportunity within three to four years but he notes that retail space is in demand in this area.

“Historically, the Harvard Square/Massachusetts Avenue market has outperformed both the greater Boston and Cambridge submarkets in terms of occupancy and rental rate growth. Its geographic location is one of the most recognized addresses in the world,” says Steinwedell.

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