Intercontinental invests in Boston
Intercontinental Real Estate Corp. has purchased the ground lease for 100 Cambridge St. in Boston for $279.6 million, or $467 per square foot, from the MassDevelopment and Saltonstall Building Redevelopment Corp.
“MassDevelopment’s redevelopment of 100 Cambridge Street transformed a contaminated city block into a vibrant urban complex,” says Massachusetts Gov. Charlie Baker.
The property at 100 Cambridge St., located at Cambridge and Bowdoin Streets, totals 599,500 square feet. It has been 100 percent occupied since 2007.
In 1999, Massachusetts closed the Leverett A. Saltonstall State Office Building at 100 Cambridge St. due to asbestos contamination. MassDevelopment was selected to develop the property, adding retail and 75 residential condos, with 25 percent sold at affordable rates.