Berkeley Investments Picks Up 12-Building Portfolio for $100M

BOSTON-Berkeley Investments made its entrance as a major player in the Downtown development pool, acquiring a 12-office-building portfolio in the Fort Point Channel area from Boston Wharf Co. for $100 million. The investment marks the transformation of Berkeley from an investment management firm that has primarily concentrated on suburban investments, to a developer whose primary focus will be on major Downtown projects.

“The location of this portfolio of properties, along with the long-term potential to maximize future development, makes this acquisition a very attractive opportunity for Berkeley,” says Rick Griffin, vice president of acquisitions for Berkeley, in a statement. “South Boston’s waterfront, specifically the Fort Point District, is emerging as an up-and-coming neighborhood and we look forward to being a key player in this transformation.”

The portfolio consists of 12 offices totaling 700,000 sf, along with two parking garages and four surface parking lots with space for nearly 1,000 cars. The office buildings are mostly clustered at the intersection of Congress and Farnsworth, and are 332, 348, 354, 368, 374 and 381 Congress St.; 12, 33, 34, 41, 44 Farnsworth St., and 22 Boston Wharf Rd. Don Hause of GVA Thomson Doyle Stevens represented the seller and procured the buyer.