Cresset Development and Novaya Real Estate Ventures Acquire The Office Building Located at 5 Middlesex Avenue in Somerville, Massachusetts
Boston, MA – January 10, 2018 – Cresset Development and Novaya Real Estate Ventures completed the purchase of the office building located at 5 Middlesex Avenue in Assembly Square, Somerville, Massachusetts for $35,000,000. The 162,804 square foot office building is located within the Assembly Square Mixed Used District and has direct MBTA access to the newly constructed Orange Line station. The office building is 100% occupied by tenants including Lincoln Technical Institute, World Gym, Nizhoni Health Systems, and Cambridge Public Health.
Ed Nardi, President of Cresset Development, commented, “We are very excited to have completed the purchase of this building. The Assembly Square District has experienced tremendous growth over the past few years, and we are excited to join such a vibrant and ever-changing marketplace.” Peter Carbone, Principal of Novaya Real Estate Ventures, added, “Somerville, and particularly Assembly Square, has become one of the most desirable locations within metro-Boston. It has truly become one of the best “live-work-play” environments in Eastern Massachusetts.”
The Seller, Somerville Office Associates LP an affiliate of RD Management, LLC, has owned the building for several decades, and recently completed a number of improvements to the building’s exterior, lobby, elevators, and more. Michael Ades, managing partner for the Seller, commented, “We have owned this building for about 40 years and have been active in the Somerville community for a very long time. We are happy to have sold it to a group who will be as dedicated to the building and to the community at large as we have been.”
Phil Giunta of Newmark Knight Frank represented the Seller in the sale, and will act as leasing broker for the new Cresset and Novaya ownership. Debt financing for the transaction was provided by East Boston Savings Bank and was arranged by Chris Phaneuf and Jennifer Keller of Holiday Fegnolio Fowler.
About Cresset Development
Real estate is a cyclical asset – opportunities change and evolve as the local market, economy and capital markets adapt to external forces. That’s why Cresset Development works to anticipate shifting market trends and responds by structuring investments that are resilient over the long-term. Since its collective experience enables the firm to analyze each opportunity from many angles, Cresset treats each investment as a stand-alone business, tailoring its business plan to capitalize on strengths while marginalizing its weaknesses.