Rubenstein, Nordblom to Transform Urban Neighborhood in Boston
- Jan 13, 2015
For Rubenstein Partners L.P., building up its Boston portfolio appears to be an annual event. In its first purchase of 2015, the real estate investment management and advisory firm teamed with Nordblom Co. on the acquisition of 1000 Washington, St., a 242,000-square-foot downtown office property.
Rubenstein and Nordblom relied on commercial real estate and capital markets services provider HFF for representation in both the transaction and the mortgage financing, which came in the form of a $51 million loan from East Boston Savings Bank.
By joining forces with Nordblom on the acquisition of 1100 Washington, Rubenstein gets a partner with a valuable connection to the 11-story tower. Nordblom had been a co-owner of the asset since 2006, and had served as the building’s operator. Nordblom had also spearheaded the redevelopment of the asset, and will now do so again, with Rubenstein. The partners are planning an improvement program that will better position the property to take advantage of its location in the burgeoning South End/Back Bay office submarket, which was once better known for its industrial offerings.
Rubenstein is big on the Boston area. In 2014, the company acquired 495 Business Center, an 84-acre, 722,000-square-foot office park in Tewksbury. And 2013 before brought the purchase of the 500,000-square-foot CenterPoint office park in Waltham. Rubenstein’s Boston presence now includes four properties totaling more than 1.5 million square feet.