Harry Wight, president of Wight and Co., Oasis Development's asset manager and advisor, confirmed for GlobeSt.com that the firm did purchase the building, but declined to reveal the sale price. According to local published reports the property was sold for $57 million or about $240 per sf.
The building was marketed by Cushman & Wakefield over a year ago, but was pulled off the market a few months later. A spokesperson for Cushman & Wakefield confirms that the firm was involved in the deal. Calls to Cushman & Wakefield's Rich Herlihy, the broker on the transaction, were not returned by deadline.
Wight tells GlobeSt.com that Oasis was looking to invest in property in Boston. Oasis currently owns property throughout suburban Boston in Danvers, Peabody, Newton, Wellesley and Norwood. He says that the firm is actively pursuing other acquisitions in the city.
Wight adds that Oasis plans to market the property and get the building--located in the heart of the city's financial district--leased up. The 235,000-sf building is currently about 75% leased. Among its office tenants are Aids Action Committee, Color Kinetics, Lexis Nexis, Massachusetts General Health Care and Walden Media. Lease rates in the building range from $30 to $32 per sf.
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