The 117,630-sf building is located in the financial district near Post Office Square and is bound by Franklin, Arch and Devonshire streets. It was originally constructed in 1908 and served as the headquarters for the Boston Safe Deposit and Trust Co. In 1998, the building underwent a major renovation, in which the original three-story bank portion of the building was transformed into the new home of the Boston Stock Exchange. The building has been a recipient of a $6-million capital improvement project, having received significant upgrades to the building's electrical, HVAC and elevator systems.
Cushman & Wakefield's Financial Services Group of Robert E. Griffin Jr., Marci Griffith Loeber, Edward C. Maher Jr. and Jeffrey H. Gates represented SSR in the transaction and procured the buyer.
"Through this transaction, Oasis Development has acquired one of the most historically unique and beautifully restored office buildings in all of Boston. The building's anchor tenant provides the financial security desired by investors," says Loeber, executive director at Cushman & Wakefield.
The building is nearly fully leased with approximately 40,000 sf still available. Among its other tenants are Bertholan Rowland, Boston Real Estate Partners, Kingston Dwight Associates, Netversant-New England, RCW Mirus Inc., SSB Realty LLC and Sullivan, Sullivan & Nahigian LLP. Lease rates in the building are about $27 per sf.
This is Oasis's second acquisition in the city. The Lynn and Cambridge-based real estate investment group owns property throughout suburban Boston in Danvers, Peabody, Newton, Wellesley and Norwood; but in June, the firm made its first foray into Boston and purchased 10 Milk St. reportedly for $57 million or about $240 per sf.
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