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New Boston Hires CMG for Cambridge Sale

October 29, 2010 — By Joe Clements

CAMBRIDGE — A stylish lab and office property in the city’s Alewife District is being marketed for sale by Colliers Meredith & Grew, with 733 Concord Ave. being touted for delivering stability over the shortterm and upside potential down the road. Totaling 42,000 sf on two levels, the building owned by New Boston Fund is fully leased through July 2014 to E Ink Corp., a technology leader in the e-book industry that was recently acquired by a Taiwanese firm. NBF paid $4.3 million in Dec. 1998 for 733 Concord Ave. on behalf of its Fund IV investment vehicle. “I can confirm it is on the market and we are handling it,” CMG investment sales leader Lisa M. Campoli says in declining additional comment, including whether there is an asking price being floated.

Other CMG professionals engaged in the sales effort include principal Joseph P. Flaherty and Associate Nicholas M. Herz. “For the investor seeking strong cash flow from a vibrant tenant and ample returns, 733 Concord Ave. is ideal,” CMG conveys in a marketing brochure secured by The Real Reporter that details how E Ink has invested considerable sums in base building infrastructure, plus the laboratory and office areas, while the overall structure was overhauled in 2009. Thatbodes well even were E Ink to disappear in four years, relays CMG, adding that the current NNN rent of $15.25 per sf is below the market average of $17 per sf. In addition to offering a Cambridge address in an up-and-coming submarket,

CMG cites easy access to 733 Concord Ave. as another benefit, with bus lines steps from the building to Harvard Square two miles away and the Alewife MBTA Red Line subway. For motorists, there are 135 parking spacces on site. Situated on the Belmont border, 733 Concord Ave. is adjacent to prime residential enclaves including Arlington, Lexington and Waltham.“Prestigious corporate neighbors” including Abt Associates, BBN Technologies, Pfizer and Smithsonian Astrophysical underscore the strength of although the inventory of 2.69 million sf of office space does have the highest vacancy rate in the city at 22.9 percent. Alewife is also in the red on net absorption YTD by 70,000 sf after another dip of 33,475 sf in the third quarter, reports CMG in its latest market survey.

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