Colliers Arranges $23M Sale of 2 Boston Properties
- May 01, 2018
Thibeault Development has sold two urban-core properties in Boston to Hemisphere Development, for $23 million. The new owner is planning to redevelop the currently vacant assets, which are located in the Financial District and the Theatre District. Colliers represented the seller and procured $21.5 million in acquisition and development financing for the buyer.
The former 13-21 Congress Street is located in the northwestern part of the Financial District, near the State Street metro station, while 27-29 Stuart Street is situated south of Boston Common, between Chinatown and Tufts Medical Center metro stations. Former owner Thibeault added roughly $4.5 million in value-add improvements to the Congress Street property and $1.9 million to the second asset.
The property on Congress Street includes 54,450 square feet across two six- and 11-story buildings, permitting for expansion up to 61,450 square feet. The Stuart Street building features 10,450 square feet on five stories.
Senior Vice President of Multi-Family Investment Sales Christopher Sower, along with Executive Vice President of Investment Sales Scott Dragos and Capital Markets Executive Vice President Jeff Black, led the Colliers team. Rose Zhao represented the buyer in the transaction.
“The area has a rich history, with Congress Street having been used for a number of years as Fidelity’s Boston headquarters,” Sower told Commercial Property Executive. “We look forward to seeing what Hemisphere Development does with the properties in terms of redevelopment, as both serve as vital connectors between North and South Stations, and they are pedestrian friendly and accessible to multiple transit lines.”
Image courtesy of Colliers