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Tourbineau buys Cambridge office building for residential conversion
The developer acquired the 93,000-square-foot, eight-story property for $25 million and plans 125 to 150 housing units, with the building currently 20% leased.
Tourbineau Real Estate Partners has filed plans for its first Boston-area project, converting an existing office building in Cambridge into housing, according to Bisnow. The Seattle-based developer acquired the 93,000-square-foot, eight-story building at 955 Massachusetts Ave. for $25 million. Tourbineau plans to convert it into 125 to 150 housing units, and the project is described as one of the first large-scale office conversions in Cambridge.
Bisnow said the building is currently 20% leased, with existing tenants on leases that are expiring soon. The acquisition follows the property being bought for $101 million in 2020 by Intercontinental Real Estate Corp.
Bisnow also noted that the firm is undertaking other moves in the region, including law firm Rubin Rudman relocating its headquarters to Tishman Speyer's 1.1 million square feet at One Federal St. in the financial district. The law firm signed a 15-year, 58,000-square-foot lease on the property's 23rd floor.