Acquisition of a 155,000 SF, Class B brick-and-beam office building in the Seaport District, one of Boston’s most active submarkets and increasingly the location of choice for Boston’s innovative companies.
Acquired the six story office building with 65 on-site parking spaces for $43.4 million, or $280 per SF, well-below recent sales for similar properties.
Originally constructed in 1877, the property underwent an extensive redevelopment in 1988 and was further upgraded by the prior owner, who invested over $9.2 million in improvements.
Adjacent to Channel Center, a 1.1 million SF development that includes State Street’s new 521,000 SF offices.
Execution
Complete aesthetic and base building upgrades.
Lease up the remaining vacancy and roll-up expiring leases to market rents.
The property was 97% leased as of March 31, 2015 (up from 74% at acquisition) and rents achieved have been at or above pro-forma.
Sold in October 2015 to an institutional buyer for $62.1 million.
