Boston, MA. (Aug. 15, 2011) – Daymark Realty Advisors Inc., a leading provider of strategic asset, property management and structured finance solutions for owners of commercial real estate, today announced the sale of the Biewend (top left photo) and Tupper Buildings (middle right photo) in Boston for approximately $112 million. The disposition closed on Aug. 11, 2011. Daymark and its subsidiaries managed the Biewend and Tupper buildings, which are situated on the historic Tufts Medical Center campus, on behalf of individual owners.
Both properties are 100 percent leased until 2017 to Tufts Medical Center, the principal teaching hospital for Tufts University Medical School.
Biewend and Tupper were originally purchased as a sale-leaseback with Tufts in 2007. The two properties, which sold for $112 million, are unique for their prime location in the central business district, as well as the lack of a ground lease with the medical center. “Boston’s medical office sector is one of the strongest in the nation due to the vast number of hospitals, teaching institutions and biomedical research labs in the city,” said Mike Waddell (lower left photo), executive vice president, asset management.
“Medical office properties in the central business district, particularly those situated on a hospital campus like Biewend and Tupper, have been more insulated from the economic downturn than properties located off-campus or in suburban locales.”
The Biewend Building, located at 260 Tremont Street, is a 14-story 154,500-square-foot medical office building which houses the numerous hospital outpatient services, including the New England Eye Center, Division of General Internal Medicine, and the Adult Orthopedic Clinic.
The Tupper Building, located at 15 Kneeland Street, is a 14-story 97,600-square-foot medical office building with 12 stories of laboratory space and two floors housing office space and the human resources department.
Biewend and Tupper were purchased by ProMed Properties, a privately owned subsidiary of a global public real estate company engaged in the acquisition and management of medical office and medical-research buildings in growing metropolitan areas of the United States. Phil Giunta and Anthony Biette of Grubb & Ellis Company represented Daymark Realty Advisors and procured the buyer.
About Daymark Realty Advisors
Contact: Damon Elder, Senior Director, Communications, Grubb & Ellis Equity Advisors, 714.975.2659 office, 714.356.1460 cell
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