1154 Mass Ave
1663 Massachusetts Ave (the Lesley University leasing assignment we took on in October) is a week or so away from completion and we are really excited about the operator. Think great local bakery/cafe… I’ll get details out as soon as the lease is signed. In the meantime, here’s some info on a similar space (size, desired use, etc.) on the other side of Harvard Square that CityRetail just started working on yesterday.
1154 Massachusetts Avenue, Cambridge, MA is the former home of Arrow Street Crepes, which closed earlier this month. Despite the rap that was given to the landlord by the former tenant in the Harvard Crimson article published last week, I can say first-hand that the building owners care about small business, the neighborhood and want a successful and responsible long-term tenant. It’s CityRetail’s job to deliver such.
The space – approximately 750 square feet – sits at the corner of Arrow St and Mass Ave, has great street visibility and good foot traffic. It’s about 100 yards from Harvard’s campus and across the street from The Inn at Harvard. Specific deal terms are as follows:
- Desired use is quick serve restaurant/cafe that does not require full kitchen exhaust;
- Base Rent is $5,000/mo increasing at 3% annually;
- Tenant shall pay its proportionate share (15%) of increases in Building taxes over base year 2010 and certain limited common area maintenance charges estimated at $180/mo;
- Space sits directly above BerryLine’s first location on Arrow Street (same building) and other neighboring retail includes Grafton Street Pub & Grill, Crate & Barrel, Zoe’s Kitchen and Au Bon Pain.
I’m excited about this project and my sense is that we’ll rent it quickly. Shoot back thoughts and let us know what you’d like to see in this space.