Trammell Crow procured the buyer and represented the sellers, Newton-based Hub Properties LLC. The deal is somewhat unusual in that German investors have previously focused on buying properties in the city's Financial District, whereas the Boston buildings are in the Fort Point Channel district. While considered in solid shape, both are considered class B structures.The Boston properties are six stories and contain a total of 107,000 sf. One Hundred Fifty Newport Ave. is a four-story, 120,000-sf building located just off Interstate 95.
Robert Griffin, head of Trammel Crow's Investment Services Group, says he believes the willingness to buy class B reflects the interest such brick-and-beam buildings have among the high-tech tenant market. The 313 Congress St. features a signature arched entrance and marble lobby, making it "a recognized landmark," says Griffin.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
