LaSalle acquires stake in Boston office for $188m

LaSalle Investment Management has acquired an interest 10 Post Office Square in the Boston CBD for an estimated sales price of $188 million. The firm also recapitalized a joint venture with Synergy Investments, which will continue to act as the operating partner. LaSalle acquired the interest in the property on behalf of its U.S. value-add fund LaSalle Income & Growth Fund VII.

The asset is a 14-story office building spanning more than 450,000 square feet.

Fund VII’s objectives are to reposition the asset to realize further upside through strategic capital investment, including upgraded building systems, new tenant amenities, renovated common areas, and the addition of an upscale, ground-level restaurant that will further elevate the property’s image and relevance to today’s tenants looking for a vintage feel with modern functionality and conveniences.

The LaSalle Income & Growth funds are the firm’s flagship closed-end U.S. value-added fund seri