15-year lease renewal and expansion brings property to 100 percent leased
CAMBRIDGE, MA – January 25, 2017 – Davis Marcus Partners (DMP), a venture of The Davis Companies and Marcus Partners, Inc., today announced a full-building lease expansion and renewal with Mount Auburn Hospital at 725 Concord Ave. in Cambridge, MA. The new, 15-year agreement expands Mount Auburn Hospital’s existing 74,534 square foot space at the property to over 85,000 square feet, bringing the building to 100 percent occupancy.
Located on the north side of Cambridge, the six-story medical office building is conveniently situated by the MBTA Red Line’s Alewife Station, surrounded by area amenities, conveniences and ample green space. The hospital’s growth is a positive sign for the economy in Cambridge, which supports 4,000 businesses and more than 115,000 jobs in education, biotechnology and medical research, computer software, and management consulting.
“To continue to provide quality care to our patients in markets beyond the hospital is so important,” says Jeanette Clough, CEO/President of Mount Auburn Hospital. “It offers ease, efficiency and convenience for our patients as well as our physicians. We are excited to provide even greater service now with the expansion of space at 725 Concord Avenue.”
“We are thrilled that Mount Auburn Hospital decided to extend and expand its lease commitment at 725 Concord Avenue, and that we were able to adeptly meet their long term operational and parking needs. By acquiring a neighboring land site, we were able to create a unique medical office campus within Cambridge, which was a rare opportunity for us and the hospital. Mount Auburn Hospital is a world-class medical provider. We are lucky to have them,” said Duncan A.C. Gilkey, Senior Vice President at The Davis Companies.
About The Davis Companies
Committed to excellence in both investment performance and operations, The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt, and fixed-income securities. A unique combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex and contrarian opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet across the Eastern United States.
About Marcus Partners
Marcus Partners is a value-oriented real estate investment firm based in Boston, MA with regional offices in Norwalk, CT and Secaucus, NJ. It currently owns/manages a diversified portfolio that includes more than 5 million square feet of office, biomedical, mixed-use, medical office, R&D and industrial properties located along the East Coast. Grounded by a deep belief in value investing, and experienced in the complexities of real estate operations and the capital markets, Marcus Partners has built a reputation as a trusted and effective investment partner, known for its integrity, insight and creativity.
About Mount Auburn Hospital
Mount Auburn Hospital was incorporated in 1871 as the first hospital in Cambridge, Massachusetts. On a mission to improve the health of the residents of Cambridge and surrounding communities, Mount Auburn Hospital is dedicated to delivering healthcare services in a personable, convenient, and compassionate manner, with respect for the dignity of patients and their families. Mount Auburn Hospital is affiliated with Harvard Medical School, making significant contributions to educating the caregivers of tomorrow. The hospital is fully accredited by the Joint Commission on Accreditation of Healthcare Organizations and is a member of the American Hospital Association, the Council of Teaching Hospitals, and the Association of American Medical Colleges.