Hennick & Co. has entered into a new joint venture with Gazit Horizons for the ownership of 1430 Massachusetts Ave., a 50,000-square-foot mixed-use building located in the heart of Harvard Square in Cambridge, Mass.
The building was previously purchased by Gazit for $45 million in an off-market transaction from University Common Real Estate, who had owned the property for more than 50 years. HennickCo and Gazit will now own 1430 Massachusetts Ave. together as partners.
The historic building, known as College House, dates to the 1830s and was originally a Harvard graduate student dormitory. The building is now occupied by retail and office tenants, including Harvard University. The new ownership group intends to implement a capital improvement plan to renovate the lobby, office common areas and building systems. In addition, the new owners intend to create retail spaces with high ceilings and expansive frontage directly across from Harvard Yard, while still maintain
