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Rockpoint to purchase Boston office for $320m
Rockpoint Core Plus Fund I is under contract to purchase the office property located at 75–101 Feberal St. in Boston. The seller is a joint venture between Pearlmark Real Estate Partners, Harvard Management Co. and Cigna Realty Investments. Real Capital Analytics estimates the sales price to be $320 million, or $394 per square foot. The sellers purchased the office property in 2007 for $260 million.
The property consists of two buildings and a 196-space underground garage. It is 85 percent occupied, and major tenants include the Jewish Vocational School Boston, Global Workplace, Wells Fargo, and Sherin & Lodgen.
Recently, Rockpoint and its partner The Blackstone Group sold the Parc 55 Wyndham, a hotel in San Francisco, for $530 million.
And in New York City, Rockpoint is