Pembroke Acquires Proto, a Coveted Cambridge, MA Multifamily Property
This multifamily acquisition is Pembroke's fifth in two years and advances an ambitious global diversification strategy
International real estate business Pembroke has announced the acquisition of Proto in Kendall Square in Cambridge, MA. A vibrant property since opening in 2018, Proto's 280 units are currently 95% occupied. The property is situated in the epicenter of technology, life science and academia and offers residents amenities that improve the quality of life—community spaces for entertaining or work, onsite concierge, a landscaped terrace, fitness center, pet spa and expansive bike storage. Sustainability features include LEED gold certification, EV parking and all electric energy star appliances in units.
"This decade is one when we've seen the global real estate market profoundly change—people want more from the places where they live and work, and they want ease in transitioning between these places. 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 also is the city where Pembroke began twenty-eight years ago."
Pembroke continues to focus on diversifying its portfolio and is sourcing more development and operating multifamily opportunities across North America, Europe and Asia Pacific. "We continue to focus on identifying the attractive opportunities in our target markets, be it high-quality existing assets or ground-up developments, and are in a unique position to close deals expediently," said Jack Clark, Senior Vice President and Head of Investments at Pembroke. "We look forward to uncovering what opportunities 2026 will bring."
The Boston area has been a focal point not only for Pembroke's investment team but also the development and design teams, as they transform the former Seaport World Trade Center into Commonwealth Pier. Opening in 2026, Pembroke is revitalizing Commonwealth Pier to create a new waterfront destination with a mix of restaurants and retail, new public spaces connecting Boston Harbor with the dynamic Seaport neighborhood and programming welcoming people from across Boston and beyond all four seasons. Commonwealth Pier also will be a new home for Fidelity Investments and the Museum of American Finance, an affiliate of the Smithsonian Institute which will welcome the public to its exhibits and programming free of charge, advancing its mission to make financial literacy accessible to all.
"Like many Bostonians, I have known this iconic, waterfront property through very different functional evolutions. Originally a series of industrial warehouses, we've preserved notable historic features while modernizing the building to give it a human scale and infusing it with next-generation technology that meets the needs of today's users," Johnson said. "We literally cut out parts of this massive property to create spaces that encourage connections for the public and the building occupants. There's a flow that runs through this property that will inspire exploration."
Also in 2025, Pembroke acquired multifamily development sites in Munich and Melbourne. Alramstrasse 14 is a 16,500 sqm property in southwest Munich just four kilometers from Munich City Centre which Pembroke will transform into a complex with high quality rental apartments complemented by community features, green spaces and retail. 155 Johnston Street is located in Melbourne's trending suburb, Fitzroy, less than two kilometers from Melbourne's Central Business District (CBD) where Pembroke is planning a multi-use complex with contemporary rental apartments with a wide range of lifestyle benefits. Pembroke launched its ambitious global diversification strategy two years ago with the purchase of two operating assets: The Lark in London in December 2023 and Fitzroy in Arlington, VA outside Washington DC in December 2024. Pembroke has offices in these cities and will rely on its distinctive approach leveraging both global expertise and local knowledge to advance its work as a multifamily investor, developer and asset manager.
Pembroke's Boston portfolio also includes the office towers Seaport East and West at Commonwealth Pier, 255 State Street and 245 Summer Street.
BXP (NYSE:BXP), which developed Proto, was the seller in this transaction, and Robert E. Griffin, Jr., Michael Byrne, Thomas Greeley, Devlin Man of Newmark served as the brokers.
About Pembroke
We're an international real estate advisor that acquires, develops and manages properties and places – specializing in mixed-use, residential and office environments in the world's leading cities.
Facilitating the private capital of our investors, we take a long-term approach to real estate, investing in global cities with proven long-term growth potential.
We have offices in Boston, Hamburg, London, Munich, San Francisco, Stockholm, Sydney, Tokyo, and Washington, DC and manage more than 9.8M sq ft / 915,000 sq m in North America, Europe and Asia Pacific. By combining a global point of view with local expertise, we're able to create and manage world-class properties that deliver the best outcomes for our tenants, investors and the communities in which we work. Please visit Pembroke.com to learn more about us and connect with us on LinkedIn.
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