posted on November 09, 2010 11:36
For sale: One Kendall Square, a nine-building campus in East Cambridge with 676,000 square feet of commercial space. Name your price.
Anglo Irish Bank, the lender that holds the note on the property, has scheduled a foreclosure auction for Dec. 16 at 11 a.m., even though the property owners say there is no problem with the loan.
The mixed-use campus, located within walking distance of the Massachusetts Institute of Technology, was purchased in 2006 for $210.5 million by the Beal Cos. and Rockwood Capital.
Robert Beal declined comment but, in a statement, the ownership team said, “Our loan is fully performing and there are no legitimate issues with it. We will own this property for a long time to come.”
Anglo Irish, now owned by the Irish government, has posted the largest-ever financial loss in Irish corporate history. Over the past 15 months, the company - once known as the developers’ bank - has lost $16 billion and the government is now trying to recoup as much money as it can to cover the firm’s losses.
One Kendall - the former Boston Woven Hose Factory - features office, lab and retail space, and a 1,500-car garage.
It is more than 90 percent occupied with office tenants including Helicos BioSciences, Stryker, Idenix Pharmaceuticals and Harvard Medical School. Restaurants include Tommy Doyle’s Irish Pub, the Cambridge Brewing Co., the Friendly Toast, Flat Top Johnny’s and the Blue Room.
Kristen Binck, the attorney representing Anglo Irish, did not return a call seeking comment.
Irish bank schedules auction