Monday, July 02, 2012
NEW BOSTON FUND SELLS ONE ALEWIFE CENTER IN CAMBRIDGE, MASS.
Brookwood Financial Partners acquires 89,875 square feet of Class-A office space
BOSTON – (July 2, 2012) – New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of One Alewife in Cambridge, Mass. to Brookwood Financial Partners, LLC a leading real estate investment and asset management company.
Developed in 1988, One Alewife Center is an 89,875-square-foot, four-story Class-A office building located in the Alewife section of Cambridge. The building is capable of accommodating tenants requiring anywhere from 5,000 to 24,000 square feet of space. Notable tenants at One Alewife include Basis Technology, Genstruct and Beacon Interactive System, ROI Solutions, and CO3 Systems, Inc.
“New Boston Fund successfully repositioned One Alewife Center in the West Cambridge market during our ownership of the property and have been delighted with this well located asset,” said Gary Hofstetter, Northeast Regional Director, New Boston Fund. “We felt that it was an appropriate time to sell One Alewife.”
In this transaction, Brookwood was represented by Chris McMahon and Doug Adamian of Newmark Grubb Knight Frank of Boston and New Boston Fund represented themselves.
Strategically located at the intersection of Route 2 and the Alewife Brook Parkway, One Alewife Center offers easy access to the City of Boston and as well as many of the city’s affluent suburbs, including Newton, Belmont, Lexington and Concord. The property is also conveniently located near local retail shops and restaurants, such as Staples, Whole Foods Market, Trader Joe’s, Chipotle, Summer Shack and Bertucci’s.
New Boston purchased One Alewife Center in November 1999 as part of New Boston Funds IV and V.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
For all news or media inquiries, please contact:
Solomon McCown & Company