In its latest local buy, Brickman acquired an 11-story, 132,497-sf boutique office building in Government Center for $41 million from HN Gorin. That firm also sold Brickman a 10-story, 125,719-sf office and retail building at 55 Summer St. here for $37.2 million less than two months ago.
"We're very positive on the Boston office market," one Brickman executive, who did not want to be identified, tells GlobeSt.com. "For us, it's a target market with strong fundamentals. We believe there is significant upside to come."
The firm's newest asset at One Bowdoin Square is located at the foot of Beacon Hill within steps of City Hall, the Statehouse and other government buildings. The granite and brick building, built in 1972, was redesigned in the late 1980s by world-renown architect Graham Gund and reconstructed by the Gunwyn Co. in 1989. It is currently about 92% occupied by a mix of tenants that includes Guaranty Fund Management Services, Massachusetts General Hospital, the offices of Massachusetts' Sen. John Kerry, and a number of boutique law firms.
Brickman's buying spree began in April when it entered the Boston market with the $22.7-million acquisition of two Congress Street buildings totaling more than 105,982 sf. The 313 and 330 Congress St. properties were acquired from New Congress Associates, an affiliate of Atlanta-based EdwardsDay Property Investments, and were both about 94% occupied at the time of purchase.
The Bowdoin Square transaction was handled by Cushman & Wakefield's Capital Markets Group comprised of Robert Griffin, Edward Maher, Marci Griffith Loeber and Elizabeth Carrillo Thomas. The team represented the seller in the deal and also procured the buyer. Cushman & Wakefield has also been assigned the leasing duties for both the Bowdoin Square and Summer Street properties.
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