One industry observer calls 50 Milk St. "among the better mid-rise buildings in the central business district," and has been especially attractive to investors thanks to a long-term lease to Brown Brothers Harriman. The stability of the tenancy has been a key reason this property has consistently attracted suitors willing to pay more than the previous owner. The purchase by Ponte Gadea marks the third time in six years that the tower has changed hands, initially for $109 million to an Australian real estate fund represented by Barrington Capital Advisors. The latest transaction equates to $619 per sf versus the $396 per sf paid by Barrington's client in late 2002.

Eastdil Secured's Boston office represented James Campbell Co. in the divestment of 50 Milk St. on a team that included James McCaffrey, Peter Joseph and Sarah Lagosh. Eastdil did not respond to inquiries by press deadline, while efforts to contact Ponte Gadea and the sellers were also unsuccessful. One investment sales specialist marveled at Eastdil's ability to guide 50 Milk St. to completion, given the deterioration of the commercial real estate sales market since the sub-prime mortgage crisis hit last summer. Several observers predicted then that 50 Milk St. would be a casualty of that downturn, either forcing a retrade or total collapse of the sale, as numerous transactions have endured during the past six months.

The 50 Milk St. sale did prove to be a lengthy process, as previously reported by GlobeSt.com. Sources, however, maintain the delay was extended because James Campbell Co. needed to find replacement properties to acquire for a tax-free exchange. Ponte Gadea was "extremely patient," one source tells GlobeSt.com, allowing the seller to take the time necessary. Whether they are related is unclear, but James Campbell Co. just announced a series of real estate purchases throughout the United States. Made via Hart Realty Advisors, James Campbell Co. secured $130 million of product in three deals, including $67 million for a six-story, 136,000-sf office building in Alexandria, VA; $53 million for 9W Office Center in Fort Lee, NJ; and $10 million for a 176,000-sf industrial building in Suwanee, GA.