Wells Real EstateTrust has added another Cambridge, Mass., office building to its growing portfolio. The unlisted REIT — which spent $2.6 billion on office property last year — did not release the sale price for One Brattle Square. In 1987, One Brattle Square sold for what was at the time a record price of $436 per sq. ft.
This is Wells' second purchase in the Harvard Square submarket. In January, the Atlanta-based REIT bought 1414 Massachusetts Ave. for $42 million, which at $538 per sq. ft. set a new record price for the market.
One Brattle Square, a six-story, 98,069 sq. ft. property, is home to Harvard University, which occupies 56% of the building. EMI Group, a U.K.-based music producer and distributor,23% of the building.
"Historically, the Harvard Square/Massachusetts Avenue market has outperformed both the greater Boston and Cambridge sub markets in terms of occupancy and rental rate growth. Its geographic location is one of the most recognized addresses in the world," says David Steinwedell, CIO for Wells Real Estate Funds.