485 Massachusetts Avenue

Cambridge, MA

Project summary

Partner: Juster Properties

Cambridge, MA

Total SF: 40,000


Juster Properties


  • Office & Ground Floor Retail
  • 40,000 SF


May 2011 – Current


  • Off market sale following a failed marketing process
  • Well located: corner avenue along Cambridge’s main thoroughfare, near MIT and adjacent to the Central Square “T” station
  • 100% leased at purchase with in-place rents 20% below market and outdated space
  • Property includes a separate developable parking lot that currently provides 45 parking spaces for the building
  • Core purchase with value add return potential due to pricing 50% below replacement cost and below market rents

Value Add / 

  • Irreplaceable location created opportunity out of tenant rollover
  • Allowed tenants to vacate, upgraded space and diversified the tenant base
  • Increased net rents by 30% while maintaining 100% occupancy
  • Additional capital improvements planned include: new elevators, upgrading the lobby and replacing the roof
  • Long term hold