BOSTON-Yet another office building has wended through the disquieted sales pipeline, and managed to fetch more than $300 per sf doing so, with BlackRock Real Estate paying $14 million for 121 High St. The five-story, 45,000-sf building was owned by Berkeley Investments, an active commercial real estate firm that is retaining its headquarters at that address in the heart of the Financial District.

A prime spot alongside such high-end behemoths as 125 High St. and International Place is one reason the class B property fetched substantial interest from varied capital sources, according to Meredith & Grew EVP Lisa Campoli, whose investment sales team negotiated the agreement on behalf of Berkeley. “It's an exceptional location,” says Campoli, who maintains that the property will perform even greater as the in-place rent roll turns over during the next few years.

Campoli says the unencumbered space should lease above in-place deals as the rent roster rolls gradually over the next few years. Rates now are estimated as being in the low $30-per-sf range, performing better than similar product but still expected to benefit from an improving market. “It's a gem,” Campoli says, praising the stewardship of the asset during Berkeley's tenure, one that began after the company paid $5.7 million for 121 High St. in early 1998. Occupancy is presently about 90%.