BOSTON-TIAA-CREF has acquired 51 Sleeper St., an eight-story, 150,363-square-foot office building located in Boston's Seaport District. The $60.2-million acquisition is believed to set a new high watermark for price per square foot on an office asset in the district.
An HFF team led by Coleman Benedict and Ben Sayles exclusively represented seller DivcoWest in the transaction and procured the buyer. DivcoWest bought the property, which is 100% leased to a diverse tenant roster, as part of a $106-million portfolio acquisition in 2012 from Brickman Associates that also included 300 A St. and 330 and 313 Congress St.
The sale price for 51 Sleeper, $400 per square foot, bests the record set last year in a Seaport District portfolio acquired by Clarion Partners. Clarion paid $129.3 million, or $317 per square foot, to buy the six-building portfolio from National Development of Newton, MA, according to the Boston Business Journal.
“51 Sleeper is an irreplaceable asset in a tremendous location,” Benedict says. “TIAA-CREF will enjoy terrific performance from this asset as the significant wave of development will only enhance the Seaport District by bringing businesses, residents, and visitors to the area.” Major tenants at the property include United Way, Agencyport Software and the General Services Administration.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
