JV Acquires Office Properties for $20M

BOSTON-The Praedium Group LLC, a New York City-based national real estate investment firm, and Essex River Ventures LLC, an Andover-based real estate investment and asset management firm, acquired 186 Lincoln St. and 225 Friend St. for $19.6 million, or $154 per sf. The building’s occupancy rate is 89%.

The two buildings, totaling 127,732 sf, are located near North Station and South Station. 186 Lincoln Street, located adjacent to South Station, is a nine-story office building totaling 67,968 sf. Built in 1904, it was fully renovated in 1986. 225 Friend St., located adjacent to North Station, is an eight-story office building totaling 59,763 sf. Built in 1913, it was fully renovated in 1985.

Gary J. Lemire, senior vice president/partner of CB Richard Ellis/Whittier Partners, represented the seller, Meridian Investment Management. The acquisition represents the third venture between Praedium and Essex River Ventures. Previously, the firms purchased Manor Parkway, a three-building 121,500-sf office/flex development in Salem, NH, and Great Woods Office Park, a two-building office park totaling 57,769 sf in Mansfield, MA.