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Dec 17, 2014

ROSEVIEW-PMRG FUND I, LLC ACQUIRES CLASS A OFFICE BUILDING IN CAMBRIDGE, MA. FOR $41.5 MILLION

100 CambridgePark Drive is the first acquisition for the $250 million value add discretionary fund

BOSTON, MA – Roseview-PMRG Fund I (the “Fund”), a $250 million discretionary fund formed by PM Realty Group (PMRG) and The Roseview Group in July 2014, has acquired 100 CambridgePark Drive, a Class A, five-story, 135,572-square-foot office building in Cambridge, Massachusetts for $41.5 million. This is the fund's first acquisition which was formed to acquire and reposition office properties across the United States.  

The Fund will invest several million dollars  to re-position 100 CambridgePark Drive including lobby and other common area renovations. 100 CambridgePark Drive is 78 percent leased and has immediate availability for users ranging from 2,000 to 16,000 square feet. PMRG's Boston office will oversee property management with leasing being handled by Joseph Flaherty’s team at  Colliers International.

"100 CambridgePark Drive is an ideal asset for the Fund because it is perfectly situated to respond to the demands of today’s tenants, including a prestigious Cambridge address, access to the Red Line or “Tech Train” and a location in an exploding urban infill submarket with over 1700 residential units under construction," said Steve Corridan, Managing Partner of The Roseview Group.  "This property is exactly the type of product we are seeking to acquire for our Fund, value-added office properties with a story in key infill U.S. markets."

Developed in 1992, 100 CambridgePark Drive is a five-story brick-clad office building adjacent to the Alewife MBTA that features highly efficient 27,100-square-foot floorplates. The building and surrounding campus offers numerous amenities including a full-service Whole Food's Cafe, state-of-the-art fitness center and onsite childcare center. 100 CambridgePark Drive is leased to several high profile firms including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs.

“We are excited to work with the Roseview/PMRG partnership as it repositions 100 CambridgePark Drive into the premier office building in Alewife,” said Ben Coffin of Colliers. “As Kendall Square continues to tighten and public transportation becomes increasingly paramount for downtown and suburban tenants alike, the building, especially with its planned improvements, will continue to be a desirable environment for both attracting and retaining today’s urban office user.” 

The Fund represented itself in the acquisition. Cushman & Wakefield represented the seller, Transatlantic Investment Management.  

PMRG's Boston office currently manages more than nine million square feet of mixed use, R&D, industrial and office properties including the 707,221 square foot Riverview Technology Park in Tewksbury and the 459,455 square foot distribution center at 625 University Avenue in Norwood. 

About Roseview-PMRG Fund I, LLC

Roseview-PMRG Fund I, LLC seeks to acquire and reposition existing office assets, which can be acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions.  The Fund will bring an operational approach to owning office assets and, in addition to growing revenue, will focus on operating buildings more efficiently, improving the tenant experience and reducing waste and promoting eco-friendly consumption. The Fund will target mid-teens returns with total investment per asset of $15 to $65 million in primary and secondary markets.  

About The Roseview Group

The Roseview Group is a privately owned real estate investment and advisory firm that serves institutional clients across the country. Collectively, Roseview’s principals have served as lead investment officers on several billion dollars of real estate equity and debt investments. The partners have led investment companies, launched funds, raised and invested billions of institutional capital, worked with family offices as well as public and corporate pension funds, and established a track record of success with a great level of integrity. Roseview manages the Roseview Evergreen Fund, a $500 million separate account relationship with a major US pension fund. The Fund is also actively seeking acquisitions of GSA-leased assets and value-added multifamily assets.  www.roseview.com

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.