"We have a lot of high expectations for the overall Seaport office market," Michael Bernstein, with Brickman, tells GlobeSt.com, referring to the firm's strong interest in the South Boston waterfront area. "There are a lot of factors fueling a renaissance in that part of the city. Whether its lofts combined with retail combined with office, the federal courthouse and the children's museum, there's a focus of energy there." The JLL team also landed the buyer.
Located in the Fort Point Channel area near Boston's Financial District and South Station, the six-story Harbor Corporate Center at 300 A St. was built in 1904 and renovated in 2005 to accent the original brick-and-beam construction, expansive window lines and high ceilings. The property, which lies adjacent to the recently completed Boston Convention Center, is 96% occupied by five tenants, including architectural firms Elkus/Manfredi Architects and Bargmann Hendrie.
Scott Jamieson, with Jones Lang LaSalle's Boston office, assisted the seller along with colleagues Michael Smith, Cappy Daume and Gail McDonough. Jamieson tells GlobeSt.com the offering sparked "tremendous competition" among potential buyers because of its prime Seaport location, strong tenant mix and recent renovations.
The acquisition comes less than a year after Brickman picked up its first Boston holdings at 303 and 330 Congress St., also in the Seaport District, for $23 million. Brickman also added two other office properties at 1 Bowdoin Sq. and 55 Summer St. to its Boston portfolio and is seeking other acquisitions in the Boston, Cambridge and Route 128 markets, Bernstein says.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.