CHARLOTTE, NC—New York City-based Arch Cos. and partner Lakestar Properties have acquired the Cambridge office building here for $63 million.
The 350,000-square-foot multi-tenanted building is located on a 50-acre park-like setting within University Research Park. The seller of the property was a partnership between affiliates of Atlantic Creek Real Estate Partners, Origin Investments, and Stream Realty Partners.
“Cambridge is a strategically located property that is the ideal office campus for tech-focused tenants. The proximity to major interstates, the newly built light rail and airports makes this a great location for companies looking for local talent with easy access to national and international markets,” says Jeff Simpson, managing partner of Arch Cos. “I am confident that we will see great returns on our investment here and we look forward to the long-term success of this building and its robust tenants.”
The acquisition was financed with $50.4 million of fixed rate financing. Abe Katz and Mark Silbersher from Walker and Dunlop arranged for a first mortgage loan from Citigroup and a mezzanine loan from Morrison Street Capital.
Cushman & Wakefield Charlotte’s Rob Cochran, Jared Londry and Nolan Ashton, Cushman & Wakefield Atlanta’s David Meline and Samir Idris, and Bluegate Partner’s Mark DeLillo and Craig Callaway represented the seller.
Arch Cos. also reports the recent acquisition of a majority interest in Savings Street Tower, an 11-story, 109-unit multifamily property located at 45 Savings St. in Waterbury, CT. Savings Street Tower marked Arch Companies’ first acquisition in the greater Tri-State Area outside of New York City.
By: John Jordan, Globe St