Cambridge Brand-New Office Building Sells for $1

A vacant office and affordable housing building in East Cambridge, originally renovated from a historic courthouse and jail, was sold by developer Leggat McCall Properties to Brookfield Property Partners for a nominal amount, amid ongoing difficulties in attracting tenants. Despite offering 475,000 square feet of office space and 48 affordable apartments, the building remains largely unoccupied, leading to significant financial losses for the previous owner. Brookfield plans to leverage its strong capital position and the property’s prime location to attract tenants over the long term, amid improving vacancy rates in the Cambridge office market.

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