Boston's Center Plaza Sells to Shorenstein

BOSTON-The Blackstone Group‘s divestiture of its Greater Boston office portfolio continued this past week with the sale of the nine-story, three-building Center Plaza in Boston’s Government Center district. Shorenstein Properties LLC, the buyer of the 717,128-square foot property, did not say how much it paid to acquire Center Plaza from Blackstone; a source familiar with the deal confirms published reports that Shorenstein paid $307 million.

“This is an excellent property to own in a market with strong appeal to a wide range of tenants, including those looking for creative, open floor environments in urban settings close to transit and amenities,” says Douglas Shorenstein, chairman and CEO of San Francisco-based Shorenstein. “We believe this property is well positioned to benefit from our ability to add value over time through hands-on management and leasing expertise.”