The 150,000-sf building, located in Downtown Crossing shopping district, is one of its signature retail buildings. It was originally on the market two years ago, but was pulled off before being sold. An industry source tells GlobeSt.com that the building received three full price offers in this go-around.

The building was developed in 1967 and leased to FW Woolworth until Eastern renovated and repositioned the urban retail property into a multi-tenant building in 2001. According to Tom Maher, principal of Eastern Development, "350 Washington is a trophy retail project with leading retail tenants. While the sale completes the development cycle for Eastern, 350 Washington will continue to anchor the vibrant Downtown Crossing retail district for many years ahead." The building is currently 100% leased on a long-term basis to four national and multi-national retailers: H&M, TJ Maxx, Marshalls and Boston Sports Club.

"The building's long-term net leases generate the financial returns required by today's most demanding investors, while its investment-grade tenant profile mitigates near-term downside," says Edward C. Maher, Jr., executive director at Cushman & Wakefield. "There is just so much capital in today's market that the demand for strong and secure investments is far outstripping the available supply." Michael Fruchtman of Real Estate Capital Partners adds that the acquisition is an example of the type of investment and level of commitment that the firm anticipates to making in the Greater Boston area.