Hines Sells Newton Office Building for $235M
Hines Global REIT acquired the Riverside Center office complex at 275 Grove St. in 2013. Designed by Elkus Manfredi Architects and completed in 2000, Riverside Center comprises three separate four-story buildings connected by a full-height glass-enclosed atrium.
NEWTON, MA—Hines has sold the 509,702-square-foot Riverside Center office building here for $235 million.
The deal was announced by JLL Capital Markets, which represented Houston-based Hines in the transaction and procured the buyer. The Boston Business Journal has reported that Alexandria Real Estate Equities purchased the asset. A spokesman for Pasadena, CA-based Alexandria Real Estate Equities had no comment on that report when contacted by Globest.com.
JLL’s Capital Markets team representing Hines was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.
Hines Global REIT acquired the Riverside Center office complex at 275 Grove St. in 2013. Designed by Elkus Manfredi Architects and completed in 2000, Riverside Center comprises three separate four-story buildings connected by a full-height glass-enclosed atrium.
Amenities include a café, ATM, fitness center with locker room and shower facilities, parking for 1,100 cars in an adjacent garage. The property is located 15 minutes from Downtown Boston and Logan International Airport, and is adjacent to Riverside Station.
Hines, founded in 1957, has a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway across the globe.