The deal includes buildings at 332 and 374 Congress St. and 33-41, 43 and 44 Farnsworth St. along with a parking lot at 38 Farnsworth St. that an official with National Development tells GlobeSt.com has the potential for residential or commercial development.
Boston-based Berkeley purchased the buildings from Boston Wharf Co. for $100 million about three years ago as part of a larger 12-building, one-million-sf portfolio sale.
"We believe that this portfolio is well positioned to take advantage of continuing growth in the area," says Thomas Alperin, president of National Development, in a statement.
Brian Barringer, vice president and director of acquisitions for National Development, tells GlobeSt.com that the new owners plan to continue Berkeley's plan to reposition the office buildings, which include a small amount of retail space, and possibly redevelop the parking lot for commercial or residential use. The five properties, which are currently about 85% occupied, may also be redeveloped to include more retail and restaurant uses, he says.
"We're really excited about the opportunity," Barringer says. "We think we made a good buy and look forward to having a big footprint down there. We think the Seaport District is the place to be."
Holliday Fenoglio Fowler represented the seller and procured the buyers in the transaction. Richards Barry Joyce and Partners will serve as leasing brokers for the property.
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