KBS Takes Cambridge Office for $30M

CAMBRIDGE, MA-KBS Realty Advisors picked up its second Cambridge asset for $29.6 million. The 133,731-sf class A office building at 625 Mount Auburn St. gives the Newport Beach, CA-based buyer about 1.3 million sf in the Boston area.

KBS senior vice president, Shannon Hill tells GlobeSt.com that the three-story, 96% leased building, located just over a mile from Harvard Square, offered a prime Cambridge address in an area poised to capture the spill-over from tenants priced out of the East Cambridge market.

“We feel comfortable with the long term prospects of it being an infill location,” Hill says of the property, which sold at a cap rate of about 7%. “Long term, there is demand and rents in the East Cambridge market are climbing very high. That could be a positive for West Cambridge.”