Investors Eye 648,000-SF Charles River Plaza

BOSTON-Charles River Plaza has just hit the market but already investors are pouncing at the chance to acquire the 647,783-sf trophy asset on Cambridge Street. “A significant number of confidentiality agreements have already been submitted,” Jonathan Davis, with Marcus Davis Partners, the building’s owner, tells GlobeSt.com. “A property like this appeals to a wide range of investors.”

The fully-leased retail and office building, acquired by Marcus Davis several years ago for $76.2 million, underwent a $270 million renovation and expansion four years ago that added 420,000 sf.

Davis says the building’s owners intended it to be a long-term hold but with the city’s hot investment market, the firm opted to put it on the market. No price has been set on the property, which is being marketed by Cushman & Wakefield.

“We built this property with the expectation it would be a long term hold owning to the quality of the property and the long term leasing we’ve been able to achieve there,” says Davis. “But given the very aggressive pricing of true trophy assets today, we felt it was incumbent upon us as stewards for investors to at least get a sense of what the value of the property is.”

The 181 Cambridge St. building is fully rented, primarily to Massachusetts General Hospital, which holds a long-term lease. Tenants also include a Whole Foods Market, Bank of America, CVS and Cold Stone Creamery.

Davis says he expects the company to select the building’s new owner within the next four to six weeks.