Chevron Partners Shells Out $24M for Boston’s Sears Crescent Building

The 50,300-square-foot building completed in 1816 was fully leased at the time of sale to 14 tenants.
Sears Crescent Building, Boston, Mass.

Sears Crescent Building, Boston

BostonNewmark Grubb Knight Frank (NGKF) recently announced the sale of the Sears Crescent Building in Boston. The NGKF team, led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Managing Director Justin Smith, represented the seller, Copley Investments, in the transaction. The boutique office/retail property was acquired by Chevron Partners for $23.8 million.

Located at 38-68 Cornhill St./100 City Hall Plaza next to Boston City Hall and steps away from the Orange and Blue subway lines, the Sears Crescent Building is listed in the National Register of Historic Places. Sitting at the edge of the Financial District, the six-story office property is close to a plethora of amenities and is highly transit-oriented.

According to Blackstone Block Architects, the firm which designed the building’s remodeling in 2000 under Copley ownership, the 50,300-square-foot property is the last remaining 19th century commercial building on what used to be Cornhill Street in Scollay Square. Banker & Tradesman reports that the Hingham Institution for Savings provided a $15.2 million mortgage for the acquisition of the building that Copley previously acquired in 1996 for $4.3 million.

This is Chevron Partners’ third Boston acquisition since 2014. “The building fits perfectly into our longer-term quality asset strategy with significant value-add potential,” Marcel Safar, managing partner of Chevron Partners, said in prepared remarks.

Image courtesy of Thomas Lingner via Blackstone Block Architects