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BPG Closes on $50M Office Building Buy

BOSTON-The 12-story, 202,000-sf property, located at 18 Tremont St., is in the Financial District near city hall and the Massachusetts State House.

By Joe Clements | Updated on October 15, 2007

BOSTON-Yet another office building deal has made it through the increasingly difficult investment sales pipeline, with BPG Properties closing on its acquisition of 18 Tremont St. in the city’s Financial District. The 12-story, 202,000-sf building traded for $49.5 million, or $245 per sf.

That rate is well above the $186-per-sf Meritage paid for the asset in May 2005, with the accretion attributed to a series of capital improvements and the surging Boston office market, in which landlords are benefiting from the improving economy and a dearth of space. The B sector that includes 18 Tremont St. saw at least one million sf eliminated earlier this decade when a wave of residential conversions swept into the Downtown and Back Bay districts.

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