Downtown Boston Mixed-Use Asset Trades for $22M
- Feb 06, 2017
Boston—Colliers International recently announced the sale of a 53,034-square-foot office and retail asset located in the downtown area of Boston, for a price tag of $21.8 million. The sale of the property met significant buyer interest, Colliers having received 15 offers on behalf of the seller, Synergy Investment, a Seattle-based real estate developer. In the end, Eden Properties acquired the asset.
Located at 26 West Street, the six-story building is situated along the Washington Street Corridor and close to the financial and theater districts. The property offers convenient access, being located between the Downtown Crossing and Park Street MBTA stations, two of the network’s busiest locations, and just blocks from South Station.
More than two-thirds of the property is leased to government union SEIU through March 2029. The remainder of the space is used by retail tenants.
“The sale of 26 West Street in excess of $400 per square-foot demonstrates the strength and depth of the Class B downtown market. It is a product in high demand with tenants and investors right now, so with that trend and its location virtually atop two major MBTA stations, it’s no surprise that pricing shook out where it did,” said Scott Dragos, executive vice president of Colliers’ Boston investment sales team, in a prepared statement.
Image courtesy of Colliers International