Historic Boston CBD Office Building Trades for $42M
- Jul 26, 2016
By Bogdan Odagescu, Associate Editor
Boston—NGFK Capital Markets recently closed on the sale of 70 Franklin Street in Boston on behalf of seller GLL Real Estate Partners. Deka bought the 85,977-square-foot property for $42.1 million. The NGKF Boston Capital Markets team that oversaw the transaction was led by U.S. Head of Capital Markets Robert Griffin, Executive Managing Director Matthew Pullen and Vice Chairman Edward Maher.
Sitting in the heart of downtown, the office building is situated within walking distance from South Station, Faneuil Hall, Macy’s and Boston Common. Due to its central position, the property is within half a mile from five MBTA stations, including Downtown Crossing and Park Street. Currently 91 percent leased, 70 Franklin Street has an eight-tenant roster anchored by TIAA-CREF. The office building also includes ground floor retail.
“70 Franklin’s timeless architecture combines with its flexible floor plates, open office layouts and modern building systems to create one of Boston’s premier Class B buildings. As a result, the asset boasts exceptional leasing momentum with tangible upside potential in Boston’s booming Downtown district,” said Maher.
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