Interconnected Boston Buildings Command $128M
- Jan 16, 2020
Manulife Investment Management has sold 535-545 Boylston St., a 184,643-square-foot office property in Boston. The buyer, a joint venture of Investcorp and Brickman, paid $128 million for the asset.
The property consists of two 13-story interconnected buildings completed in 1967 and 1972, respectively. At the time of the sale, 535-545 Boylston St. was 94 percent leased to 38 tenants, including Manulife, Carousel Industries and TD Bank. The asset recently underwent a $5 million capital improvement, which resulted in upgraded common areas.
Located in the city’s Back Bay neighborhood, the buildings sit close to Copley Square, Trinity Church and Newbury Street, and just two blocks away from the first Raffles Hotel & Residences in North America. Three transit hubs—Arlington, Back Bay and Copley—alongside the MBTA Green and Orange Lines, MBTA commuter rail and Amtrak/Acela regional train provide easy access throughout the area. Interstates 90 and 93 and Logan International Airport are all situated within a 4-mile radius.
A Newmark Knight Frank Capital Markets team comprising Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell, alongside Executive Managing Director Jim Brady and Senior Managing Director Jason Cameron brokered the transaction. Last year, the company arranged the sale of the former home of the Boston Stock Exchange.