"Historically, the Harvard Square/Massachusetts Avenue market has outperformed both the greater Boston and Cambridge submarkets in terms of occupancy and rental rate growth," says David Steinwedell, chief investment officer with Wells Real Estate Funds. "Its geographic location is one of the most recognized addresses in the world." The lack of possibility for development in Harvard Square has made any retail space in the area prime real estate.
This is Wells' second acquisition in the Harvard Square submarket; in January, Wells REIT completed the acquisition of 1414 Massachusetts Ave. "This acquisition, when matched with our recent 1414 Massachusetts Avenue transaction, provides Wells with an unmatched presence in the market," adds Steinwedell.
Harvard University occupies 55,065 sf or 56% of the building. EMI Group, a UK-based music producer and distributor, leases 23% of the building. The Limited Inc., an apparel retailer, leases 17% of the building.
A Wells spokesperson tells GlobeSt.com that the REIT is exploring leasing opportunities noting that EMI is the first tenant whose lease is scheduled to roll over and that will take place in 2007.
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