Harrison Street Real Estate Capital has acquired Osborn Triangle in Cambridge, Mass., from a subsidiary of the Massachusetts Institute of Technology.
Osborn Triangle is a state-of-the-art, multi-tenant office and laboratory complex located in East Cambridge/Kendall Square alongside some of the world’s top educational and research institutions. Harrison Street partnered with the Bulfinch Cos., a Boston-based, private commercial real estate investment, development and management firm, and a subsidiary of MIT, which retained a partial interest in the property. Under the arrangement, MIT will retain long-term ownership of the land.
Osborn Triangle is directly adjacent to MIT’s campus. The complex encompasses three buildings — 610 Main St. North, 1 Portland St. and 700 Main St. — with 676,917 square feet and an associated 650-space parking garage. Each building has been either recently renovated or built, and the property is complemented by vibrant street-level retailers: Sulmona (Italian restaurant), Café Luna, Revela (an Aveda salon) and Boston Burger Company. The complex is fully leased to seven tenants and includes three anchor tenants: Pfizer, Novartis International and LabCentral, an incubator for high-potential life-sciences and biotech startups.
Mark Burkemper, a managing director at Harrison Street, said, “Osborn Triangle is a one-of-a-kind complex serving as a global hub for the life science and innovation communities, supported by high barriers to entry and blue-chip tenant base. The East Cambridge/Kendall Square submarket is very attractive, with vacancy rates of less 1 percent, and we are excited by the opportunities to continue to enhance this already thriving neighborhood.”