CalPERS JV sells Boston office for $300m
LaSalle Investment Management is under contract to purchase 50 Post Office Square in Boston from Bentall Kennedy and Commonwealth Ventures, on behalf of the California Public Employees’ Retirement System. Real Capital Analytics estimates the sales price to be $300 million, or $385 per square foot.
The sellers purchased the CBD office located at 185 Franklin St. in 2008 for $192 million.
The building was renovated in 2012. The property totals 779,241 square feet spanning up 18 stories. It is 90 percent occupied. Major tenants include Brown Bros., Harriman and Verizon.
The sale follows CalPERS’ pending sale of Sunset Place, an outdoor shopping mall in the Miami area. Simon Property Group and Miller Capital Advisory are under contract to sell the mall on behalf of the pension plan for $110 million to Federal Realty Investment Trust and Grass River Property.
Sunset Place is located in Coral Gables, Fla. It totals 519,000 square feet a