Cushman & Wakefield today announced that Foulger-Pratt has sold 200 Inner Belt Road to North River. 200 Inner Belt Road is a four story, 186,326 square foot, Class A office building with an associated four-acre development site located in Somerville, Massachusetts.
This property is situated directly off Interstate 93, only four miles from downtown Boston, three miles from Kendall Square/East Cambridge and within walking distance to two MBTA subway stations. Cushman & Wakefield’s Capital Markets team of Robert E. Griffin, Jr., Edward C. Maher Jr. and Matthew E. Pullen exclusively represented the seller. Cushman & Wakefield’s Scott Gredler, who worked with previous ownership as the exclusive leasing agent of the property, has been retained on the listing.
“200 Inner Belt Road presented North River with a unique opportunity to take advantage of a value-add property in a transit-oriented, inner suburban market,” stated Chris Pachios of North River.
Presently 82% leased, the asset provides exceptional ceiling heights and large floor plates with floor load capacities of 150 pounds that can serve a variety of tenants and uses including biotechnology and R&D. The site has been City approved for multiple zoning variances including a second office building of similar dimensional characteristics or multifamily use, in addition to a variety of other scenarios.
“200 Inner Belt Road’s location allows the property to fully capitalize on tenant migration to high-quality value alternatives, especially with laboratory and office users being priced out of neighboring Cambridge,” stated Robert Griffin, Cushman & Wakefield.
200 Inner Belt Road is located in the “inner suburbs” submarket of Boston. Bordering Boston, this market has direct access to Interstate 93 and is within walking distance to the MBTA’s Green and Orange “T” lines. As Cambridge continues to see office and lab vacancies dip below 8% and 10%, respectively, tenants are seeking viable alternatives to rising rental rates in transit-oriented markets close-by (in East Cambridge direct rental rates have reached $50.21) as well as flexible, large floor plates.