 |
| Coleman Benedict |
BOSTON, MA – 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:
 |
| Ben Sayles |
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.
 |
| Riaz Cassum |
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.
 |
| Lauren O'Neil |
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.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |
