BEVERLY, Mass.--()--Brookwood Financial Partners, LLC (“Brookwood”), a leading real estate investment and asset management company, announced today that it recently executed a lease for 11,758 square feet at One Alewife Center, a four-story 89,875 square foot office building located in Cambridge, Massachusetts. Brookwood is pleased to welcome Permabit Technology Corporation, P.C. (“Permabit”), which will relocate to the building from 10 Canal Park in Cambridge, Massachusetts.
“We have the flexibility to offer quality, Class A space from 2,600 square feet to 36,000 square feet with competitive lease packages”
Brookwood purchased the building at the end of June from NB MS Alewife, LLC. The property was 53% occupied at the time of Brookwood’s acquisition. This lease increases the occupancy of the building to 66%. The property is located at the intersection of Routes 2 and 16 and offers direct and easy in-and-out access to the major routes in the area. It is also less than 1,000 feet from the MBTA Alewife redline platform and the Minuteman Bikeway. Brookwood plans numerous enhancements to the building, including lobby and common area improvements, new signage, secure indoor bike storage, and upgrades to the building’s HVAC system.
“We have the flexibility to offer quality, Class A space from 2,600 square feet to 36,000 square feet with competitive lease packages,” stated Amy Grey, Brookwood’s asset manager for the property. “I am encouraged by the number of prospects that the Newmark Grubb Knight Frank team has brought through the building since our taking ownership. Due to the limited supply of space and increasing rents in East and Mid-Cambridge, we believe that we are well-positioned to attract quality tenants and increase the occupancy of the property in the short term.”
Newmark Grubb Knight Frank represents Brookwood with respect to the leasing. Tucker Hansen of Colliers International represented Brookwood with respect to the leasing on this transaction, while Permabit was represented by Robert Richards with Richards, Barry Joyce & Partners.