Rubenstein and Nordblom plan to make further investments and improvements to enhance 1000 Washington St.'s market position and capitalize on burgeoning office demand.

“We believe its ideal location within a transforming urban neighborhood with little competitive office supply makes 1000 Washington St. exactly the kind of opportunity we look for, as in-place rents reflect the area's industrial past rather than its vibrant, mixed-use future,” says Deke Schultze, senior vice president of Rubenstein Partners and director of the New England region.

Ogden Hunnewell, executive vice president/partner of Nordblom Co. says, “We are extremely excited about expanding our relationship with Rubenstein Partners and the prospects for value creation going forward at 1000 Washington St. given the dramatic transformation occurring in its surrounding neighborhood.”

The partnership was advised on its acquisition by an HFF team consisting of Riaz Cassum, senior managing director; Lauren O'Neil, director; and Brett Paulsrud, senior real estate analyst. The same HFF team worked with Nordblom and Rubenstein in securing the property's first mortgage financing with East Boston Savings Bank. Mark Terry, senior vice president, and Jonpaul Sallese, vice president, acted on behalf of EBSB in the mortgage transaction. In its announcement, the partnership did not reveal the value of the first mortgage financing.