btcRE’s first major project was the complete rehabilitation and lease-up of 35-37 Medford Street, a ~53,000 SF brick-and-beam office building located in Somerville, MA.
btcRE purchased 35-37 Medford Street after decades of underinvestment by the previous ownership had led to significant deterioration of the building and less than 60% occupancy. We successfully implemented a full base building renovation program and undertook leasing activity and tenant improvements to achieve 100% occupancy by a diverse roster of tenants.
btcRE purchased 35-37 Medford Street in December 2012 for $4.2 million and sold it in June 2016 for $12.5 million, generating a net IRR to Limited Partners of ~33% and a net Equity Multiple of ~2.5x.
btcRE transformed 35-37 Medford Street from a deteriorated, underutilized asset to a vibrant, exciting community of tenants ranging from small non-profits and sole proprietors to world-class technology firms. The base building and tenant spaces have been completely renovated, and new tenant amenities include an outdoor terrace, bike storage and a shower room.
As a local, hands-on ownership group, btcRE was intimately involved in all phases of the project, working hand-in-hand with its best-in-class team of architects, engineers, contractors, property managers and leasing agents. All renovations were fully-permitted, ADA-compliant and built to last.