KS Partners Buys Boston Office Asset for $30M
- Feb 06, 2019
KS Partners acquired 15 Court Square, an 11-story office building with ground-floor retail space in downtown Boston. According to Yardi Matrix data, Brickpoint Properties, which owned the asset since 1978, sold it for $30 million. The approximately 82,000-square-foot property, also known as 15 Pi Alley, was 98 percent leased at the time of sale.
KS Partners will manage the asset, which features on-site management and 24-hour maintenance team, and is set to upgrade it. Improvements will include the renovation of the lobby and common area, as well as the addition of several amenities, such as a lounge, conference room, fitness center and bike room.
The building is situated in the Downtown Crossing neighborhood and offers easy access to major highways, parking options and public transport hubs. Additionally, 15 Court Square is also located within walking distance of multiple shopping venues, restaurants and local tourist attractions.
“With proximity to the State House and Government Center, 15 Court Square will be an essential addition to the company’s portfolio,” said Kambiz Shahbazi, founder & president of KS Partners, in prepared remarks. The company’s Boston urban portfolio now totals more than 262,000 square feet of space in five office buildings.
The deal comes a few months after Gazit Horizons acquired a 10,500-square-foot retail property located less than 1 mile from 15 Court Square.
Image courtesy of KS Partners