FAIRLANE PROPERTIES BUYS 65,000 SF AT 1035 CAMBRIDGE STREET CAMBRIDGE, MA

30,000 SF Available for Lease

New England Real Estate Journal
9/26/08 

BOSTON—Fairlane Properties, Inc. recently announced the purchase of 9 office condominium units totaling 65,000 square feet at 1035 Cambridge Street, Cambridge, MA from Cambridge Business Center, LLC for $5,520,000.  Michael Grill, President of Fairlane Properties, Inc. will lead the newly-formed Fairlane Columbia, LLC.

1035 Cambridge Street, formerly known as 432 Columbia Street, is located a few blocks from Inman Square in Cambridge and Union Square in Somerville. In total, 1035 Cambridge Street contains approximately 120,000 square feet of office space.  A new front parking lot providing access and frontage to Cambridge Street was recently completed.

Michael Grill stated: “Just like our 2007 acquisition of Chapel Business Center in Newton, this property is a hidden gem that we would like to reintroduce to the brokerage and tenant communities. With 30,000 square feet of office space available for lease at 1035 Cambridge Street, the property is perfect for not-for-profits, technology companies and other professional office tenants looking for rental pricing in the high-teens and low-twenties with a Cambridge address. A new conference center is planned for all Fairlane Columbia tenants to add to the attractiveness of the property with its spacious lobby and two-story atrium."

Three MBTA bus lines converge at the intersection of Cambridge and Columbia Street providing access to MIT, Kendall Square, Lechmere Station and Harvard Square. One car per 1,000 square foot parking on-site and neighborhood garages and parking lots provide a variety of parking opportunities for the property.  Restaurants within blocks of 1035 Cambridge Street include the S&S Deli, East Coast Grill and numerous ethnic eateries.

Michael Grill and Hillary Brown of Fairlane Properties will exclusively represent Fairlane Columbia, LLC for the 30,000 square feet of available office space. Other unit owners and tenants at 1035 Cambridge Street include technology, architecture, real estate, and accounting companies.

Eastern Bank provided financing for the purchase. Fairlane Properties has retained Lincoln Property Company as property manager. Gregory Larsen of NAI Hunneman represented the seller and buyer in the transaction.

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