Trades continue in Boston’s Class B sector with the sale of 99 Chauncy Street and 101 Summer Street to TIAA from Synergy Investments for $75 million.
A recent article on the BBJ’s website notes, “Synergy sold the historic assets for a combined $75 million to a unit of TIAA, a New York-based teachers’ union pension fund with $889 billion in assets under management, according to Suffolk County deeds. Synergy’s ownership partner in the properties was Indepencia PE, a Chile-based investment advisor. The $75 million sale price is four times the combined $18.7 million Synergy invested in 2010 and 2011 to acquire the properties.”
Additional details about the class B office building sales are available on the Boston Business Journal, here.
Oxford Properties continues its buying spree by plunking down $114.5 million for 745 Atlantic Avenue or $657 per square foot. 745 Atlantic Avenue is home to WeWork and Dain Torphy as well as a number of companies. WeWork will be building out a Café on the 1st floor as part of their future expansion.
From the BBJ:
“It really fits our profile of what we like to buy for the long-term: Class A assets in downtown cores near transit-oriented locations,” said Chad Remis, the head of Oxford Properties’ Boston office.
Its $114.5 million acquisition of 745 Atlantic, which closed May 29, is more than double the $54.65 million sale price 745 Atlantic fetched in 2003. The property sold again in 2008 as part of a $1.7 billion office property acquisition invovlingBeacon Capital Partners and Charter Hall Office REIT of Sydney, Australia.
You can read the full article on the Boston Business Journal website.