David Ross with NAI Hunneman Commercial tells GlobeSt.com that Congress Plaza LLC's high bid and few contingencies won the locally based investment group ownership. He says the move that ended haggling from local and regional investors and exchange buyers over the fully leased Fort Point Channel property. "This was your prototype investment," says Ross, who along with NAI's investment team, represented the Miami-based seller, an affiliate of LNR Property Corp., and procured the buyer.
Ross says interest in the property was strong because of both the building's long-term tenant and its location in the heart of one of the fastest growing development areas in Boston. About 60% of the building is currently leased to the New York Times Corp., which holds leases through 2013 on offices for Boston.com, the web portal for the Boston Globe , and the daily tabloid, the Metro.
The building, located adjacent to the Boston Children's Museum with views of Fort Point Channel, is also situated near several new waterfront development projects, including Fan Pier, the Boston Convention Center and several large hotels. "It's the new frontier," Ross says. The developments are expected to bring billions of investment dollars into the area in the future, he notes.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.