On August 17, 2007, an affiliate of Meritage Properties purchased 485 Massachusetts Avenue, a 35,841 square foot, 5-story office building which includes 43 surface parking spaces. The Property is located within Cambridge’s Mass Ave Corridor submarket, which has historically been both robust and cycle-resilient, due to proximity to both Harvard and MIT. The special dynamics of this particular submarket contribute to a high demand for lab space and increasing displacement of office tenants, resulting in relatively strong office rents and relatively low vacancy rates.

In addition to its unparalleled location, 485 Massachusetts Avenue features an attractive and efficient 7,000 sf floorplate, affording tenants 10 foot ceiling heights, and an exceptional window line. The property also includes an outstanding corner retail location, totaling 6,200 square feet. In addition to bringing the building to 100% leased, Meritage recently concluded an extensive capital improvement plan for the building which included:

• New entryway and storefronts
• Full lobby renovation
• Elevator cab upgrades