Brookfield Adds Seaport District Office Building to Portfolio

BOSTON—Brookfield Properties of New York City has acquired the 51 Sleeper St. office building in the Seaport District for $91 million.

Brokerage firm Hunneman in its recently released market recap of the 2018 Boston office market reported Brookfield acquired the eight-story, 152,000-square-foot office building property on Fort Point Channel for $91 million or $598-a-square-foot. The deal adds to Brookfield’s portfolio in Boston that includes 13 office and life science properties totaling more than 3 million square feet and six multifamily properties.

Brookfield says it plans to renovate and rebrand the building to “enhance its position as a destination for cutting-edge companies, keeping with the Seaport District’s rise as Boston’s premiere tech and innovation hub.”

In connection with its capital improvement program, Brookfield has retained Boston-based architecture firm Merge Architects to consult on possible enhancements of the building’s common areas, including the lobby, retail spaces and a potential roof deck the company states.

Current tenants of the building include: architectural design firm Bergmeyer, United Way, the U.S. General Services Administration, and the Department of Early Education and Care. 51 Sleeper is also home to Hoopsters Brewing Company at the base of the building.

“The Seaport District continues to grow as a top destination for innovative companies, high-end retail, and first-class residential, and 51 Sleeper Street is located at its doorstep,” says Ben Brown, EVP and head of New York and Boston, Brookfield Property Group. “In Brookfield’s signature placemaking style, we are excited to embark on a renovation and rebranding of the building to enhance its position as a home for leading companies aimed at attracting, retaining and motivating Boston’s top talent.”

Brookfield has hired Cushman and Wakefield to serve as the exclusive leasing agent for 51 Sleeper St. Michael Joyce, Thomas Ashe, Thomas O’Regan, Devin Tringale will comprise the leasing team at Cushman and Wakefield. Brookfield SVP Duncan McCuaig will lead the leasing effort in-house for Brookfield.

“This location represents a gateway to the Seaport area and provides incredible value for the tenants here,” says  Joyce, vice chairman at Cushman and Wakefield. “Not only is the location convenient to South Station and surrounded by retail amenities, there are also branding opportunities for the companies that will occupy the building once it is renovated.”

In late 2013, TIAA-CREF acquired 51 Sleeper St. for $60.2-million, which was believed at the time to be a record price per square foot for an office asset in the Seaport district.