Harvard Square building sold for $81M in rare office deal
Beacon Capital Partners has acquired a prominent office-and-retail building in Cambridge's Harvard Square for $81 million. The property is in a high-visibility location but has been hit with a series of retail closures.
According to public deeds, One Brattle Square was purchased by the Boston-based realty investment company from Atlanta's Piedmont Office Realty Trust. This deal is notable at a time where few commercial buildings are being traded locally due to economic uncertainty and higher financing cost. Beacon spokeswoman declined to comment on the purchase. The building, measuring 97,000 square feet, is just a block away from the Harvard MBTA station. Despite its visibility, large portions of the 15,000-square-foot retail space are now unoccupied. The building has a large Webster Bank branch. A robotic restaurant Spyce, as well as a GNC shop, were also closed. An online listing for a VisionWorks branch is now closed. "The retail opportunities in this building are quite amazing. It's a very nice space,' Denise Jillson, Harvard Square Business Association executive Director, said. Many office acquisitions in Greater Boston raise the question whether a lab conversion is possible. A new lab in Harvard Square may prove controversial due to the fact that the Cambridge City Council is currently debating whether or not to ban or limit labs in the neighborhood.