The property, located between the Rose Fitzgerald Kennedy Greenway and Fort Point Channel, is likely among the most expensive waterfront assets acquired in recent years, David Begelfer, head of the local chapter of the National Association of Industrial and Office Properties, tells GlobeSt.com.

"Because of the existing structures and the density that is being put on the site, this is probably among the most expensive pieces of property on the waterfront. It might even be the most expensive piece of developable land in the city's history," he says.

Russia Wharf was acquired by the Blackstone Group last month as part of the $23-billion buy-out of Chicago-based Equity Office Properties Trust. It is the first local asset sold off by Blackstone. The site is permitted for a 500,000-sf office tower, 31,000 sf of retail space and 330,000-sf residential development. Those permits, Gregory Vasile , head of the Greater Boston Real Estate Board, tells GlobeSt.com, added value to an already hotly contested offering.