BOSTON, March 18, 2015 /PRNewswire/ — The Boston office of Colliers International, a global leader in commercial real estate services, orchestrated a deal which saw the 22-story building at 100 Cambridge Street, Boston, sold to Boston-based real estate company, Intercontinental Real Estate Corporation, for $280M. Colliers International’s Investment Sales team in Boston, with support from their Retail and Downtown Office Leasing groups, brokered the leasehold interest sale between The Massachusetts Office of Business Development and Intercontinental. Colliers International’s Douglas Jacoby and Scott Dragos, both Senior Vice Presidents, were the drivers behind this massive transaction.
The 600,000-square-foot property, owned by the Commonwealth of Massachusetts, was leased to MassDevelopment, an organization that works with businesses, nonprofits, and local, state, and federal officials and agencies to strengthen the Massachusetts economy. The State will lease floors 2-12 until 2052.
“The transaction affirms the fresh interest we’re seeing in Boston’s Government Center area and validates this location with its view of Beacon Hill, the Charles River, and the Cambridge Street medical area,” said Jacoby. “A key selling aspect of this transaction was the quality of the property that MassDevelopment created in its redevelopment of this well known property.”
Jacoby and Dragos joined Colliers in 2014. They have worked as partners for seven years and in recent years have included Downtown Boston as part of their focus. Other Colliers team members who played an instrumental role in the transaction include, Tony Hayes, Mike McLaughlin, Tim Mulhall and their assistant, Lyndsey Ferreira.
Formerly known as the Leverett Saltonstall Building, 100 Cambridge Street claims a rich history in Boston, having been built in 1965 and thoroughly renovated and reopened by MassDevelopment in 2004 as a LEED Silver certified building. The renovation included the addition of 34,539 square feet of retail space, a 75-unit residential condominium complex housed in a new five-story structure at the base of the office tower, and Saltonstall Plaza on the western side of the property.
About Colliers International
Colliers International is a global leader in commercial real estate services, with over 16,300 professionals operating out of more than 502 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals‘ Global Outsourcing 100 for ten consecutive years, more than any other real estate services firm.
SOURCE Colliers International