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Local Investors Take Government Center Garage

BOSTON-The 11-story parking garage, which hit the market five months ago, sells for $243 million.

By Beverly Ford | Updated on March 02, 2007

BOSTON-Just five months after hitting the market, the largest parking garage in the city to has been sold for $243 million to a local joint venture group. The Government Center Garage , an 11-story, 2,310-car garage with ground-level retail, was sold by the RAK Group of New York City to a joint venture team comprised of Raymond Property, National Electrical Benefit Fund and Acorn Asset Management, Elizabeth Thomas, with Cushman & Wakefield’s Boston office, tells GlobeSt.com.

Thomas says the new owners bought the One Congress St. property as an investment but also viewed it as “a great development site” given its location near City Hall, Faneuil Hall, the North End and Government Center. “Whatever they do, they will be consulting the city and the neighborhoods to make sure it is what the city wants and what is consistent with the site,” she says.

The four-acre site, which is currently fully developed, could support up to 1.4 million sf of development, she adds. Officials from the joint venture group could not be reached for comment by GlobeSt.com’s deadline.

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