BOSTON—Rack up another major commercial office buy for Rockpoint Group, LLC. The firm has increased its portfolio here with the acquisition of the 99 Summer St. office tower here.
Rockpoint, a real estate private equity firm headquartered in Boston, acquired the property from Cornerstone Real Estate Advisors of Hartford, CT for an undisclosed sum. The deal for the 20-story, 270-000-square-foot office tower marks the third significant purchase by Rockpoint in 2015 with another major transaction in the works at press time. At the time of purchase, the property was 95% leased.
99 Summer St. has changed hands twice in nearly 10 years. In July 2013 Normandy Real Estate Partners sold 99 Summer St. to Cornerstone Real Estate Advisors for $110.8 million, or $407 per square foot. Normandy paid $68.2 million for the office tower in 2006 as part of a portfolio purchase.
In October of this year, the Davis Cos. sold Tower Point, a 155,170-square-foot, Class A, brick-and-beam office building at 27–43 Wormwood St. in Boston to the Rockpoint Group for $62.1 million. The Davis Cos. acquired Tower Point in August 2013 for a reported purchase price of $43.3 million.
The biggest deal by far this year by Rockpoint was the July acquisition of the twin high-rise office towers at 75-101 Federal St. for $326.5 million.
Rockpoint purchased the office buildings from a joint venture partnership led by Pearlmark, a Chicago-based private equity firm. The two buildings total 818,231 square feet. 75 Federal St. is a 21-story building, while 101 Federal is 31 stories tall.
Earlier this month, Rockpoint Group, and partners Highgate and Hotel Asset Value Enhancement announced they had agreed to purchase the Renaissance Boston Waterfront Hotel in a joint venture. Highgate and hotelAVE will also assume asset management as part of the sale.
No terms of the transaction were released. The Renaissance Boston Waterfront Hotel at 606 Congress St. features 471 guest rooms, 20,000 square feet of meeting space and three food and beverage outlets.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
