Word: hre
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Harvard's higher profile in the Square's property market is the result of a new strategy worked out jointly by the Planning Office, the Office of Government and Community Affairs, and HRE both to combat the community's negative perception of Harvard as a bad landlord and to locate additional space to meet the University's growing needs, officials...
Zeckhauser calls this current stage of expansion a "consolidation phase" in which HRE is "keeping [its] ear to the ground" in the hopes of acquiring more property holdings in Harvard Square. In Zeckhauser's words, Harvard is "landbanking" property for the future--that is, depositing large parcels of commercial property into its real estate portfolio. Landbanked properties are used either as investments or for future academic purposes. Last year, the University acquired several landbanked properties, including The Architects Collaborative Office Building and the O'Brien Family Properties...
...University bought that land "with professors in mind," says HRE's president. "Harvard has not done anything for faculty housing since it built the Botanic Gardens in 1949. So Harvard thought they ought to try and experiment...
When the project is completed two summers from now, Zeckhauser says, HRE expects to be selling the 22 faculty-designated townhouses at prices ranging from...
...this represents a radical departure for Harvard can best be understood by reexamining HRE's brief, but controversial, history of overtures in the local real estate market...