Two Boston office buildings sell for $281m
Two Boston office properties have sold separately for a total sales price of $281 million.
Metzler Real Estate and Union Investment Real Estate have purchased 160 N. Washington St. for $150 million, or $638 per square foot. The sellers of the 235,000-square-foot office building were Beal Cos. and Related Cos. The office is 95 percent occupied and serves as the corporate office for Converse.
And the office building located nearby at 99 Summer St. was purchased by Rockpoint Group for approximately $131 million from Cornerstone Real Estate Advisers, which acquired it in 2013 for $110.8 million. The 20-story building is 92 percent occupied. Major tenants include Cannon Design, Emerson College, Frontier Capital, Health Management Resources and Hearts on Fire.
Investors have been active in the Boston office sector, which will end the year with a high volume of deals in the fourth quarter, according to Real Capital Analytics. Thus far this quarter, 45 office