Oxford Properties Group and JP Morgan Global Alternatives have sold One Memorial Drive, a fully leased, 409,422-square-foot class A office building in Cambridge, Mass., for $825.1 million.
The property was acquired by a joint venture between MetLife Investment Management and Norges Bank Investment Management.
The transaction, which values the property at more than $2,000 per square foot, sets a record benchmark for office product pricing in the Boston region. Attracting an array of bids across institutional, private equity and REIT capital, it reveals the depth of demand for well-leased, high-quality office product among institutional investors. Originally purchased by Oxford and institutional investors advised by JP Morgan Global Alternatives in 2014 as part of a multi-asset office portfolio, One Memorial Drive — primely located next to MIT’s campus — is 100 percent leased to technology companies Microsoft and InterSystems.
“This transaction perfectly e