Intercontinental Real Estate Corp. has acquired 955 Massachusetts Ave. in Cambridge, Mass., for $101.25 million.
The eight-story, 95,000-square-foot class A office building was built in 2001 and was previously purchased by DivcoWest in June 2017 for $66 million. It is located between Harvard University and the Massachusetts Institute of Technology.
Greater Boston’s office sector started 2020 with some of the strongest fundamentals the market has ever seen, reported Newmark Knight Frank. First-quarter negative net absorption totaled more than 51,000 square feet throughout Greater Boston. Vacancy inched by to 11.7 percent over the quarter.
In Cambridge, office absorption was flat in the first quarter, faring slightly better than Boston’s CBD, but still marking a minor decline in three of the past four quarters. Overall office space was still near-to-full occupancy with vacancy averaging 4.6 percent in the first quarter.
The market continued to see a st
