 |
| Greg LaBine |
BOSTON, MA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged a $30.39 million
refinancing for 10 Fawcett Street, a 134,561-square-foot, multi-tenant office
building in Cambridge, Massachusetts.
HFF worked on behalf of
the borrower, Griffith Properties (Griffith) and Artemis Real Estate Partners
(Artemis), to secure the three-year, floating-rate loan through Eastern Bank
(Eastern).
10 Fawcett Street is
located in the Alewife area of Cambridge, less than one mile from the Alewife
MBTA station, providing Red Line subway service into downtown Boston and points
in Cambridge.
The property is proximate
to Route 2 and Interstate 90, providing connectivity to the suburbs of Boston
as well as downtown. Most recently
renovated in 2011, the six-story property is fully leased to tenants including
General Services Administration, Raytheon BBN Technologies and Accion
International.
The building’s former lead
tenant Cambridge Trust recently vacated.
Working proactively, the borrower has signed several short term leases
for the vacated space, and signed a lease with international consulting firm,
Abt Associates, who will occupy this space and more for their regional
headquarters starting in April 2018.
The HFF debt placement
team representing the borrower was led by managing director Greg LaBine and director Porter Terry.
“Griffith and Artemis were
able to add tremendous value to the property with the signing of the Abt lease
and others. Eastern recognized this
value and provided an attractive opportunity to recapitalize the project,” said
Labine.
For a complete copy of the company’s news release,
please contact:
Olivia Hennessey
Public Relations
Coordinator
HFF | 9 Greenway Plaza
Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax
713.527.8725 | www.hfflp.com
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