CenterSquare Sells Office Asset for $10 Million Profit

Two and a half years after the last change of ownership, a Class B office building in downtown Boston sold again—and at a profit.

Pennsylvania-based CenterSquare Investment Management, a real estate investment subsidiary of BNY Mellon, sold the 67,609-square-foot office building sitting at 2 Liberty Square in downtown Boston for a $28.25 price tag, or $417.84 per square foot. That’s a $10.65 million gain for CenterSquare, who purchased the asset for $17.6 million in December 2012.

Two Liberty Square - Boston

Two Liberty Square – Boston

The buyer, an affiliate of the Winhall Cos., was represented in the transaction by an HFF investment sales team led by Senior Managing Director Coleman Benedict and Director Ben Sayles.

Additionally, HFF’s debt placement team led by Director Lauren O’Neil Goff worked with SunLife to secure the 10-year, fixed-rate loan on behalf of the new owner.

“The sale of Two Liberty Square is a win-win for both the buyer and seller,” Sayles said. “CenterSquare was able to take advantage of today’s strong market, while Winhall was able to take advantage of historically low interest rates and acquire an asset that will perform exceptionally well in the years to come”.

Located just a block off Post Office Square, the Beaux-Arts-style building was completed in 1913. The property was 82 percent at the time of sale by a list of tenants including Zipcar on the ground floor, Humana, Arthur J. Gallagher, Copyright Clearance Center and publishing company Brill.

Image via ELV Associates