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JV Buys $42M Financial District Building

BOSTON-The joint venture pays $41.7 million for a 12-story, 95%-occupied building at 230 Congress St., beating out six other bidders in the process.

By Beverly Ford | Updated on February 20, 2007

BOSTON-Joint venture partners Brickman Properties and Aquiline Capital Partners have bought a 12-story office and retail building in Boston’s Financial District. The JV paid $41.7 million for the 95%-leased property, beating out at least six other contenders to buy the 162,584-sf property at 320 Congress St. from the Archon Group, of Irvine, TX and Yale Properties, of San Diego, a broker involved in the deal tells GlobeSt.com.

“Like everything in Boston today, there was a significant amount of interest from a wide range of investors,” says James McCaffrey, with Eastdil Secured’s Boston office, adding that at least six “serious buyers” were involved in the bidding. The sale of the property marked a high price point for per square pricing of class B office space in Boston, McCaffrey says.

Interest in the property was strong because of the building’s location at Congress and High streets just one block from Post Office Square and near the Rose Fitzgerald Kennedy Greenway, McCaffrey says. Recent renovation work by the property’s previous owners, which included renovations to the facade, windows and lobby, along with the building’s solid occupancy rate, made the building even more appealing.

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