Equity Office, a commercial properties owning company in New England, declared that it has included two Class A type of office buildings, located at 125 & 150 CambridgePark Drive in Cambridge measuring around 480,000 sq.ft in total under its management portfolio.
The properties were bought by an auxiliary of Blackstone, the parent company of Equity Office. The properties are offered for immediate lease and they will be included in the Boston office commercial portfolio of Blackstone.
The 125 & 150 CambridgePark Drive buildings provide congenial campus setting and provide good transportation facilities, which include easy reach to the Red line of the MBTA and metro Boston commuter rails. The properties with floor plans ranging from 2,000 to 200,000 sq.ft offer flexible floor plans to manage the individual requirements of the clients. The area also sports free parking facilities, an upgraded fitness center and a whole foods branded cafeteria.
According to the reports from the Equity Office, the commercial property market at Cambridge presently has relatively low level of vacancy rates of around 11% and the vacancy rates during the past year have come down by 350 basis points.
Andrew Maher, Equity Office’s Managing Director of Leasing in Boston, stated that the commercial real estate markets in MetroWest and Cambridge are bouncing back due to the revival of technology companies and the present trend of changing office spaces into the laboratory and life science spaces. He added that the trend has left only limited number of large blocks to accommodate the growing number of tenants.