German investor enters Boston office market
Metzler Real Estate has purchased the Converse headquarters in Boston for $150 million. The investment was made on behalf of UniImmo: Global, an open-end real estate fund managed by Union Investment. The sellers of the property, also known as One Lovejoy Wharf, were Beal Cos. and Related Cos., which acquired the site as part of a portfolio in 2012 for $11.25 million.
“Our entry into the Boston office market with cult and lifestyle brand Converse as a strong main tenant is ideal,” said Tal Peri, head of investment management – U.S. East Coast and Latin America at Union Investment, said in a statement. “With its stable returns and attractive rental growth prospects, Boston offers potential for further investments.”
The sellers redeveloped the building. Converse took occupancy of its new world headquarters in May 2015. The property is part of Related Beal’s Lovejoy Wharf, which also includes 131 Beverly, a 260,000-square-foot l