Liberty Mutual Group Acquires 105,000-SF Back Bay Building

BOSTON- Liberty Mutual Group acquired 330 Stuart St., a 105,000-sf first-class office and retail building in the city’s Back Bay. The company purchased the building from the Massachusetts Higher Education Assistance Corp., which operates as American Student Assistance, for $28 million.

The building went on the market this past spring, after American Student Assistance, a non-profit organization, relocated to 150,000 sf at 100 Cambridge St. The 10-story building is located at the corner of Berkeley and Stuart streets and consists of 79,000 sf of office space, and 25,000 sf of first and second floor retail. It was built in 1925, and was formerly known as the Salada Tea Building. Grill 23, a restaurant, occupies the ground and second floors.

“While we have grown to become a leading international property and casualty insurer, we have been proud to call Boston our home since we started here more than 90 years ago,” says Edmund F. Kelly, Liberty Mutual Group chairman, president and CEO. The building is located across the street from Liberty’s corporate headquarters, which Kelly notes, makes it possible for the company to continue expanding its presence in the city.