Landmark Trades for $108M

David Peretz, vice president of acquisitions for Broadway Partners, tells GlobeSt.com that the building was an appealing acquisition because of its location and its $250-per-sf acquisition price, which he says is well below replacement costs. "We're extremely bullish on where we think things are going in Boston. We think the market has bottomed out. To have historic charm on the outside as well as the modern amenities upgrades that were inside the building, we felt it would appeal to middle tenants."

Broadway Partners, whose only other local holding is Waltham's 480,428-sf Prospect Hill Office Park, beat out eight other bidders to take title to the property, Cushman & Wakefield's Robert E. Griffin Jr. tells GlobeSt.com. "It was a very competitive situation. It came down to a couple people who were very, very close."

Griffin says the building's financial district location made it a much sought after acquisition. "Well located office buildings in Boston are all competitive but the fact that this one is on Post Office Square made it one of the most desirable locations in Boston. It's a first class asset in an irreplaceable location."

Walton Street Capital purchased the property for $82 million in 2000. The building covers most of a one-acre city block and overlooks Angell Memorial Plaza and Norman B. Leventhal Park. It is currently about 90% leased to a variety of companies including Boston Private Bank and Land Vest.

"Ten/10 Post Office Square was painstakingly restored to its original brilliance and has been institutionally maintained for many years," says Marci Griffith Loeber, also with Cushman & Wakefield. Griffin and Loeber, along with fellow Cushman & Wakefield's capital markets team member Edward C. Maher Jr. and Downtown leasing specialist David A. Martel, exclusively represented the seller and procured the buyer. Martel and Gil Dailey, also with Cushman & Wakefield, will serve as exclusive leasing agents.