Revealed: Courthouse sold for $33 million
The sale price for the East Cambridge courthouse is $33 million, according to documents released by the state to city councillor and state Rep. Tim Toomey this morning. The news was first disclosed Wednesday by the Cambridge Chronicle.
The sale price is within the Jan. 16, 2013, purchase and sale agreement between the Division of Capital Asset Management and Maintenance and developer Leggat McCall. It includes $3.4 million in deposits, with $29.6 million to be paid when the sale closes.
The closing date is not specified, but according to the most recent amendment executed Sept. 29, the closing should occur on or before Dec. 30, 2016.
The $33 million purchase price is near the expected cost to remove the asbestos from the building, which has been estimated at $30 million by Rob Dickey of Leggat McCall.
Toomey and fellow councillor Dennis Carlone had sought information on the sale of the former Edward J. Sullivan Courthouse and the bidding process. Toomey’s request was field in June, and Carlone’s requests were filed in July; the Chronicle had filed similar requests in February 2013.