BOSTON-Normandy Real Estate Partners has sold 99 Summer St., a 272,614-square-foot office building here, to Cornerstone Real Estate Advisors for $110.8 million, or $407 per square foot. Normandy had paid $68.2 million for the 20-story property in 2006 as part of a portfolio, and has since renovated its five-story atrium lobby and common areas.
Cornerstone, a subsidiary of MassMutual Financial Group, is among the world's largest global real estate managers, the Boston Globe reported Thursday. It has a sizable stake in the Fan Pier redevelopment project in the Seaport District.
The sale comes as global investor interest in Boston office is on the rise. Earlier this summer, Normandy sold its Harvard Vanguard I Concord, a 49,250-square-foot build-to-suit medical office property in the Boston suburb of Concord, MA, to Cole Corporate Income Trust for $24.37 million.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
