Boston-based Intercontinental Real Estate Corp. has purchased the ground lease on One Cambridge St. in Boston for $280 million from MassDevelopment.

The 22-story office building contains 565,157 square feet of office space, 34,539 square feet of retail space and a 332-space garage. It is currently 48 percent leased to state agencies. The remaining 52 percent is leased to private tenants include Bright Horizons, Rite Aid, Citibank, Massachusetts General Hospital, Cannon Design and American Student Assistance.

The acquisition was led by Michael Keyes, Intercontinental’s director of acquisitions, and Patty Pytlik, associate director of acquisitions.

“On behalf of the many public pension and union retirement funds, the endowments and foundations invested with Intercontinental, we believe this will be a great ‘hometown property’ to add to our national portfolio,” Intercontinental CEO Peter Palandjian said in a statement.

The transaction will allow MassDevelopment to pay off debt associate with the project. The lease has 67 years remaining.

The building was shut down in 1999 because of asbestos contamination and subsequently redeveloped by MassDevelopment, which added retail space and 75 residential condominiums. It reopened in 2004.