BPG Buys 18 Tremont St. for Close to $50M

BOSTON-Continuing to restock its regional portfolio, Philadelphia-based BPG Ltd. has agreed to buy 18 Tremont St., a 12-story, 202,000-sf office building being divested by Meritage Properties. The asset is trading at a price approaching $50 million, according to sources, a level equating to $247 per sf. Even if that mark is not attained, sources say the figure will be substantially above the $185 per sf paid by Meritage in May 2005 when 18 Tremont St. fetched $37.5 million.

“It is under contract,” acknowledges one source, with a closing anticipated by mid-October. BPG officials and brokers at Jones Lang LaSalle did not respond to inquiries from GlobeSt.com, while Meritage founder Andrew Nathan declined comment on the matter. Nonetheless, sources insist that BPG has committed to the property, with the negotiations apparently surviving a jittery commercial real estate sales market. Both domestic and foreign bidders were said to have pursued the opportunity, lured by a combination of the building’s leasing prospects and a prime location near Government Center, Boston Common and the vibrant Downtown Crossing retail district.