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Fort Point Sale Seen Near $300 Per SF

BOSTON-The seven-story building in Boston's Fort Point Channel district is among the submarket's most recognized structures.

By Joe Clements | Updated on January 10, 2008

BOSTON-Yet another commercial building in the city’s Fort Point Channel district is reportedly about to change hands, continuing a pattern of property transfers that has dominated the area for much of the decade. The latest asset is 285 Summer St., a seven-story, yellow-brick building that houses Payette Associates, one of New England’s top life sciences architectural firms.

Several current and past principals of Payette own the building, including namesake Thomas Payette, but sources say the asset is under agreement to Aegean Capital LLC, a New York City-based investment group founded last year by Constantine Alexakos. The firm is presently performing due diligence, sources say, but is expected to complete that process shortly. According to some estimates, the 54,000-sf building could trade for close to or above $300 per sf, with the deal projected between $14 million and $16.5 million.

If the deal does reach that level, it would be near record pricing for the submarket, with only a few other sales topping the $300-per-sf threshold. Fort Point Channel and the larger Seaport District have been a popular target for investors, many lured by the rebounding class B office market and the upside from billions of dollars in public infrastructure that has poured into the area. The city’s gleaming new $800-million convention center is just a few blocks east from 285 Summer St., while the South Station transit center and Financial District are located nearby to the west.

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