Peter Joseph, with Eastdil Secured's Boston office, tells GlobeSt.com that the 725 Concord Ave. property, located in the Alewife/Fresh Pond area, drew strong interest from investors because of its prime location and its 96% occupancy, which includes tenant Mt. Auburn Hospital.
"Like any other quality, well-located, well-leased, first-class office buildings, this was highly sought after by a variety of institutional, operating fund and entrepreneurial investors," says Joseph, noting that the hospital's long-term lease made it an attractive investment.
Boston-based Davis Marcus won title to the property because of its strong reputation and quick closing terms, Joseph says.
The transaction was initiated for both parties by former Trammel Crow Co.'s Joseph and Jim McCaffrey, Chris Phanuf and Sarah Lagosh, all now with Eastdil Secured in Boston.
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