0 45 Milk Street Office Building Leased in Full

office space at 45 milk street in downtown boston

Credit: Boston Business Journal

Year Up is on the move to 45 Milk Street, leasing all 61,000 square feet of the downtown Boston office building.

Context on the area around Milk Street in Boston, from Wikipedia:

“Milk Street was one of Boston’s earliest highways. The name “Milk Street” was given to the street in 1708 due to the milk market at the location. One of the first post offices in Boston was located on the street in 1711, when the first regular postal routes to Maine, Plymouth and New York were established.”

Historical Context on the building, from BostonHistory.org:

“In 1906, noted architect William Gibbons Preston modified his own 1893 design for this building by extending the Milk St. facade to its present location. The allegorical figures of commerce, fidelity, industry and security are by New York artist Max Bachman. The building’s original owner, the International Trust Company, was founded in 1879 and grew to become one of the largest trust companies in New England in the early 20th century.”

Building Stats
• Type: 4 Star Office
• RBA: 68,927 SF
• Stories: 9
• Typical Floor: 7,659 SF
• Class: A
• Construction: Masonry
• Building Ht: 111′
• Year Built: 1893
• Year Renov: 1981
• Tenancy: Multi
• Owner Occup: No
• Elevators: 2
• Slab to Slab: 12′
• Sprinklers: Yes
• Property Mix: Office (61,778 SF, 89.6%), Retail (7,051 SF, 10.2%)

The Building last sold on 6/10/13 for $21,000,000.

0 45 Milk Street Goes Under Agreement

Office Building at 45 Milk st. in Boston financial district

Photo Credit: Banker & Tradesman

The Class B Office market continues to see trades within the Financial District.  At $302 per square foot this continue to push the market values up.

“Deutsche Asset & Wealth Management, formerly RREEF Real Estate, has agreed to buy the nine-story, 70,000-square-foot office building at 45 Milk St. for about $21.2 million, or more than $300 per square-foot, industry executives told Banker & Tradesman. Anglo Irish paid nearly $34 million for the asset in 2007, just before the financial markets came crashing down,” stated a report on Banker & Tradesman’s website.

The full article is available at B&T online