For $34M, Irish Investor Gets 45 Milk St.

BOSTON-By today’s hyperactive terms, they held 45 Milk St. for an eternity, but the German owners of the nine-story building will reap more than 300% for their patience, according to industry sources who claim the so-called “jewel box” building is trading for about $34 million, to another foreign investor. Forty Five Milk St. LP acquired the 71,000-sf asset in 1996 for $8.6 million, or $121 per sf. If the $34-million mark is accurate, the private client of Anglo-Irish Bank will pay $478 per sf.

Cushman & Wakefield of Massachusetts principal Edward Maher, who participated in both transactions involving 45 Milk St. LP, confirmed that an agreement has been struck, but declined to identify the winners or provide financial details. Anglo-Irish officials tell GlobeSt.com that, “We are familiar with this transaction, but have nothing to report at this time.” Sources, however, pegged Anglo-Irish as the buyer for its client.

A member of C&W’s renowned New England investment sales team, Maher did say he was surprised by the crush of capital pursuing 45 Milk St. Even in anticipating substantial interest given the lack of opportunities and the property’s various strengths, “We had no idea it would be as sought after as it was,” Maher tells GlobeSt.com. There were 13 actual bidders, he reports, five from overseas and the remainder representing domestic capital, among those a mix of private and institutional funds.