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Wells REIT Acquires 98,000-SF Office Building for $70M

CAMBRIDGE, MA-Wells Real Estate Investment Trust Inc. purchases One Brattle Square from Boston Capital Institutional Advisors. The six-story, 98,069 sf building, which is nearly fully occupied, sold for $70 million or $714 per sf.

By Naomi Grossman | Updated on April 19, 2004

CAMBRIDGE, MA-Wells Real Estate Investment Trust Inc. acquired One Brattle Square from Boston Capital Institutional Advisors. The six-story, 98,069 sf building is nearly fully occupied. The building was sold for $70 million or a whopping $714 per sf. Boston Capital acquired the building four years ago for about $44 million.

“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.

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