HFF Closes $106.75 Million Sale of Office Portfolio in Boston's Seaport District
HFF announced today that it has closed the $106.75 million sale of a four-property, 362,562-square-foot office portfolio in Boston's Seaport District.
The HFF team led by Coleman Benedict and Ben Sayles exclusively represented the seller, Brickman Associates, and procured the buyer, DivcoWest Properties.
The portfolio is a collection of unique “brick & beam” office buildings and is comprised of the following assets: 300 A Street (106,171 square feet), 313 Congress Street (70,217 square feet), 330 Congress Street (35,811 square feet) and 51 Sleeper Street (150,363 square feet). Originally constructed as wool warehouses, the assets have been converted into high-quality office spaces, which have been the recipients of major capital improvements. Under Brickman's ownership, these assets have been institutionally maintained and operated. The portfolio is located in Boston's Seaport District, an area that is experiencing unprecedented growth as a result of major public and private investments. Specifically, the assets are located in the Fort Point neighborhood, which is marked by a concentration of creative firms in open, loft-style work environments.
“The Fort Point Channel is marked by rising tenant demand and diminishing supply,” said Coleman Benedict, senior managing director. “Not surprisingly, investor interest continues to be incredibly strong as the Seaport is one of nation's most exciting submarkets.”
“These are all buildings with great bones in a dynamic submarket of Boston that is rapidly growing in its appeal for companies seeking creative workplace environments,” said Stuart Shiff, CEO of DivcoWest.
In addition to the sale of the portfolio, HFF also arranged the $31.4 million acquisition financing for 51 Sleeper Street, which was led by Eastern Bank. HFF senior managing director Riaz Cassum and director Lauren O'Neil exclusively represented DivcoWest.
Brickman is a real estate private equity firm with 18 years of experience investing in real estate debt and equity. The firm has invested over $3.0 billion of total capital in more than 70 real estate transactions throughout the United States and currently manages more than 3.0 million square feet of office space.
DivcoWest, founded in 1993, is a privately owned real estate investment firm with offices in San Francisco and Boston. The company has acquired more than 22 million square feet of commercial space throughout the United States. DivcoWest and its affiliates are currently managing over $2.0 billion of equity. Presently under management are both commercial and residential assets, including the underlying debt.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing. http://www.hfflp.com