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Westbrook Partners Acquires Part of 1 Beacon St.

BOSTON-Westbrook Partners continues to penetrate the area as it acquires 50% of One Beacon St. Nearly a quarter of the 1.1 million sf of the office tower will soon be available, which is a substantial amount of space in a market that is still fairly tight.

By Naomi Grossman | Updated on December 27, 2000

BOSTON-Westbrook Partners acquired 50% of 1 Beacon St., a 1.1 million-sf office tower, from Prudential Real Estate Investors. The acquisition is the sixth purchase by the firm since it moved into the area a year and a half ago. The building was reportedly valued at $270 per sf but officials at Westbrook declined to comment.

Despite recent reports that that the area’s tight real estate market is easing slightly, the fact that nearly a quarter of the office tower’s space will soon be available still makes it an appealing investment. One of the building’s lead tenants, Palmer & Dodge LLP, will be turning over nearly 150,000 sf when it moves into Boston Properties Inc.’s 111 Huntington Ave next fall. In addition, Holland & Knight LLP will be opening up 50,000 sf in the building when it moves to James Ave.

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