Two Congress Street Buildings Command $23M

The 313 and 330 Congress St office properties, located in Boston's South Station/Fort Point Channel area, drew more than 10 bidders when they were placed on the market by seller New Congress Associates LLC, David Brooks, chief investment officer for EdwardsDay Property Investments, tells GlobeSt.com. New Congress Associates is an affiliate of Atlanta-based EdwardsDay. Interest in the properties was extremely high from both in-state and out-of-state investors, Brooks says, given their location in the South Station and Fort Point Channel areas.

Brooks says Brickman was selected as the buyer because of its reputation. "They proved they could close on transactions and obviously shared the same visions we shared for the property."

A Brickman representative deferred comment on the acquisition to Bruce Brickman, a principal with the firm, who could not be reached for comment by GlobeSt.com. Originally built in 1890 and renovated in 1984, the two office properties--comprised of a 70,241-sf building at 313 Congress St. and a 35,765-sf building at 330 Congress St.--were acquired by New Congress Associates about six years ago. New Congress stabilized the tenant roster and repositioned the buildings for sale, Brooks says. "We acquire class B assets in class A locations and capitalize on market trends." The buildings, which are 94% leased to tenants including the National Mentor, the Standard Register and the American Diabetes Association, were marketed exclusively by Holliday, Fenoglio and Fowler's senior managing director Riaz Cassum and director Coleman Benedict.