Clarion Acquires 173 KSF Office Building in Boston for $121M
- Oct 28, 2013
Clarion Partners, of New York, has purchased a six-story, 173,439-square-foot office building in Brookline, Massachusetts for $121.0 million, Clarion announced Thursday. The seller of 10 Brookline Place was Invesco Real Estate, and the sale was handled by Eastdil Secured.
The building is fully leased to tenants the Dana-Farber Cancer Institute, the anchor tenant, and to The New England Institute of Art, a subsidiary of Education Management Corp.
The all-cash transaction closed on Oct. 17, Clarion Director Gary Rufrano told Commercial Property Executive.
Part of the attraction to 10 Brookline, Rufrano said, was that Clarion is familiar with both the area (with partners, it’s developing an office/laboratory project roughly a mile away) and with Dana-Farber, which occupies space at another Clarion building.
The building is approximately at the southwest edge of Boston’s Longwood Medical and Academic area, home to Harvard Medical School, Beth Israel Deaconess Medical Center, Boston Children’s Hospital and Brigham and Women’s Hospital.
Over the last 15 years, the property reportedly has maintained an average occupancy rate of 99.1 percent, partly thanks to the area’s amenities, which include numerous restaurants and covered parking.
The area is well served by public transportation, Rufrano noted, and the building is essentially at the Brookline Village station on the “T’s” Green Line.