RREEF And Cushman & Wakefield Lease 342,097 Square Feet At Riverfront Office Park
24 Aug, 2006, Cambridge
On behalf of RREEF, Cushman & Wakefield today announced a series of recent lease signings totaling 342,097 square feet at Riverfront Office Park, One Main Street and 101 Main Street, in Cambridge, Massachusetts. Since RREEF purchased this asset and engaged Cushman & Wakefield in January 2005, occupancy has risen dramatically from 70.0 percent to 90.1 percent currently.
The RREEF team of David Crane, Vice President, District Manager, Chris Linssen, Property Manager, and Christine Shaw, Assistant Property Manager, has worked closely with Cushman & Wakefield’s Executive Director Mark Winters, Director David Townsend, and Associate Director Juliette Reiter on all of these transactions. RREEF’s David Crane said, “We purchased the property at 70 percent occupancy knowing there was a great opportunity to stabilize the asset. We are delighted to have progressed so quickly toward our occupancy and investment goals.”
The largest increase in occupancy occurred in the first half of 2006 when Art Technology Group leased 44,981 square feet at One Main Street and Endeca Technologies leased 46,700 square feet at 101 Main Street. Both Cambridge companies will be expanding and relocating their headquarters to Riverfront Office Park. Other recent leases in the buildings include Pegasystems for 23,350 square feet, and Risk Management Foundation for 30,635 square feet.
Riverfront Office Park, a waterfront trophy property, consists of two interconnected towers and totals 663,721 square feet in the heart of Kendall Square: One Main Street, a 14-story office tower is connected by a parking garage to 101 Main Street, an 18-story office tower. Prominently situated on the edge of the Charles River and at the foot of the historic Longfellow Bridge (the Salt and Pepper Bridge), Riverfront Office Park has a long-established reputation as the premier office park in Cambridge. It offers spectacular views of the Charles River and the Boston skyline, generous window lines, efficient floor plates, plentiful parking, wood-paneled lobbies, 24/7 security, an award winning Energy Management System, on-site property management and numerous on-site amenities including coverage parking, a café, fitness center and conference center.
Riverfront Office Park is located just moments from Storrow Drive, Memorial Drive, the Mass. Pike, I-93 and the Southeast Expressway. Downtown Boston and Beacon Hill are located just across the Longfellow Bridge, while Logan International Airport is only 10 minutes away. Both MBTA Red Line (Kendall Square Station) and the Green Line (Lechemere Station) are within a few minutes walking distance, as is the campus of MIT.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.
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