MetLife Investment Management & Norges Bank Investment Management Acquire Office Building In Cambridge, MA For $825M
SOLD
$825,000,000
Massachusetts
See Similar DealsOffice409,422 SF
Sold 08/26/2021
SOLD
MetLife Investment Management & Norges Bank Investment Management Acquire Office Building In Cambridge, MA For $825M
1 Memorial Drive, Cambridge, MA, USA
See Similar DealsOffice409,422 SF
Sold 08/26/2021
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$2,015
Total Square Footage:409,422 SF
Transaction Type:Sale
The property involved in this transaction is an office located at 1 Memorial Dr in Cambridge, MA. The sale took place on 08/26/2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $825,000,000
- Seller: J.P. Morgan Global Alternatives & Oxford Properties Group
- Buyer: metlife-investment-management'>metlife-investment-management'>metlife-investment-management'>MetLife Investment Management & Norges Bank Investment Management
- SF: 409,422
- Price per square foot: $2,015
The seller of the office property was J.P. Morgan Global Alternatives & Oxford Properties Group, while the buyer was metlife-investment-management'>metlife-investment-management'>metlife-investment-management'>MetLife Investment Management & Norges Bank Investment Management.
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SELLER
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$43,999,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,931,050.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,910,920.90
Annual Debt Service$46,931,050.74
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