BOSTON—The Blackstone Group, LP has reportedly agreed to sell the 500 Boylston St. and 222 Berkeley St. office buildings in a deal valued at approximately $1.3 billion.
The buildings, located on the same block in Boston's Back Bay, are to be sold by the New York City-based investment firm to a unit of JP Morgan Chase & Co. and Oxford Properties Group, according to Bloomberg News.
The 500 Boylston St. building consists of a six-story base of retail and office space positioned below a 19-story office tower. It has approximately 715,000 square feet of rentable space. The 222 Berkeley St. building was built as the second phase of the 500 Boylston St. project. The 22-story building totals 553,321 square feet. A source told Bloomberg News that the sale is expected to close in September.
All parties in the transaction offered no comment on the press report. For further information see story at Bloomberg News.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
