Boutique retail property in Harvard Square trades
JLL Capital Markets has completed the sale of the Harvard Square property to an affiliate of The Bulfinch Companies, Inc.
BOSTON, October 6, 2020 – JLL Capital Markets announced today that is has completed the sale of a 7,200-square-foot building at 1120 Massachusetts Ave. in the Harvard Square area of Cambridge, Massachusetts.
JLL marketed the property on behalf of the seller, a private entity advised by Ella Properties, LLC. An affiliate of The Bulfinch Companies, Inc. purchased the asset with plans to reposition the building as a first-class office, medical or biotech property. The acquisition of 1120 Massachusetts Ave. further strengthens Bulfinch’s growing portfolio in the Cambridge market.
1120 Massachusetts Ave. is in the heart of Harvard Square, a globally recognized commercial district, business address, entertainment center and residential neighborhood near Harvard University. The transit-oriented property has a Walk Score® of 97 and is a short walk to the Harvard Square Subway Station on the MBTA Red Line, Greater Boston’s “Brain Train” for direct connection to MIT. It is also proximate to the burgeoning employment centers in Kendall Square, Alewife and downtown Boston. Completed in 1970, the building has two floors above grade plus a fully improved basement.
The JLL Capital Markets team representing the seller was led by Directors Kellie Coveney and Michael Restivo.
According to JLL Research’s 2020 Life Science Real Estate Outlook, the Greater Boston Area is the top-ranked life science cluster in the country, followed by the San Francisco Bay and the San Diego Metro Areas. The current pandemic has revealed how critical life sciences is to the U.S. and global economies.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Bulfinch Companies, Inc.
The Bulfinch Companies, Inc. (“Bulfinch”) is a third-generational, entrepreneurial, value-added real estate investment firm specializing in the acquisition, development, repositioning and management of commercial properties in Greater Boston. With $3 billion in assets, Bulfinch has built a reputation for identifying opportunities and creating valuable and coveted properties across all asset classes. The firm’s disciplined approach, entrepreneurial mindset, depth of experience and focus on meeting the needs of their tenants and partners have produced an enviable track record and roster of tenants and investors for over 84 years.