Rockpoint Reels In Red-Roofed Gem
- Jan 06, 2016
Rockpoint Group L.L.C. has added some color to its portfolio with the acquisition of 99 Summer St., a Boston office tower uniquely crowned in red granite. The real estate private equity firm purchased the 270,000-square-foot asset from Cornerstone Real Estate Advisors in a transaction valued at $132 million.
A couple of years can make quite a difference. The 20-story office and retail destination, located in Boston’s thriving Financial District, last changed hands in 2013, when Cornerstone purchased it from Normandy Real Estate Partners for $110.8 million.
Designed by the architectural firm Goody Clancy, 99 Summer made its debut in 1987. Today, the trophy office property is 95 percent leased to a host of tenants, including accounting firm KLR, which signed a lease earlier this year to consolidate its Boston and Cambridge offices into 12,000 square feet at the building.
Rockpoint has no problem plunking down the big bucks in Boston. During the third quarter, the firm acquired the 800,000-square-foot, two-building office property at 75-101 Federal St., from Pearlmark Real Estate Partners for $326.5 million.