The Class B office sale market continues to move in 2013 with the recent closing of 11 Beacon by Synergy Investments for $35M. The acquisition offers the market an expanded footprint by a landlord with a proven track record to get deals done.
Market rents in the Class B market are ranging from the upper $20’s – low to mid $30’s PSF within the Financial District.
According to an article on the Boston Business Journal, “the 93-year-old building was put on the market last fall by DivcoWest Properties, a privately-owned real estate investment firm with offices in Boston, who paid $16 million for the property in 2010. Divco said it spent $4.9 million in capital improvements. The city has assessed the 12-story building at $20.8 million.
For more details on the sale of 11 Beacon Street, follow the link to the Boston Business Journal’s coverage.