Gazit Globe continues to expand in the US – the capital market

Gazit Globe purchased through its subsidiary, Gazit Horizon, a building at 1430 Massachusetts Avenue in Cambridge, Massachusetts, USA. The building covers an area of ​​approximately 4,650 square meters (approximately 50,000 square feet) for the mixed use of commerce and offices. Located at the corner of Massachusetts Avenue and Massachusetts Avenue. The property was purchased for about $ 45 million, from a family property management company, which owned the building for more than 50 years.

The building known as the “College House” was built in 1830 and served as a dormitory for Harvard students. The building is inhabited by, among others, Harvard University offices on the upper floors and by various retailers on the street floor. The company intends to invest in the renovation of the lobby, common areas and building systems. In addition, retailers such as CVS and Santander Bank are expected to terminate their leases in 2021, which the company claims will allow for the creation of unique retail space with 6-foot-high ceilings and a wide front overlooking Harvard Square.

College House is the eighth property that Gazit Horizon acquires in Boston, which after this acquisition, owns and manages 12 properties with a total value of approximately $ 523 million (approximately NIS 1.7 billion).

Jeff Mualem, CEO of Gazit Horizon, said of the deal: “The past year has brought a new set of challenges to commercial properties, but has also led to special investment opportunities like the property in Harvard Square. The property has all the elements we are looking for: a unique character, potential for improvement and an irreplaceable location. We believe that strategic improvements will make this property even more attractive to existing and future retailers and office tenants. ”