Pembroke Diversifies Boston Portfolio, Acquiring Cambridge Apartments from BXP

Locally based Pembroke has acquired Proto, a 280-unit apartment property in Cambridge, MA’s Kendall Square. Although Pembroke did not disclose deal terms, the Boston Globe reported that the company paid $170 million to acquire the 95% occupied Proto from BXP, which developed the 2018-vintage property at 88 Ames St.

“We’re diversifying our portfolio to complement our office and mixed-use properties in leading metropolitan markets by investing in residential assets in the same locations,” said Edward Johnson, president of Pembroke. “Proto is our fifth residential acquisition in two years, and it’s particularly meaningful to us, because it’s not only our first acquisition in the Boston area since launching our diversification strategy, but Boston is also the city where Pembroke began 28 years ago.”

Robert E. Griffin, Jr., Michael Byrne, Thomas Greeley and Devlin Man of Newmark arranged the sale. Pembroke’s Boston portfolio also includes the office towers Seaport East and West at Commonwealth Pier, 255 State St. and 245 Summer St., along with the redeveloped Commonwealth Pier, scheduled to open in 2026.

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