BROOKLINE, MA-Clarion Partners has paid $121 million to acquire 10 Brookline Place, a fully leased, six-story office property here, from Invesco Real Estate. The 173,439-square-foot property serves as the southwest gateway to the Longwood Medical and Academic area of Boston.
This past July, Real Estate Alert reported that Dallas-based Invesco had hired Eastdil Secured to market the property, just three years after partnering with National Development and Charles River Realty Investors to recapitalize it and expand it from the original 165,000 square feet. The two companies bought 10 Brookline from previous owner DRA Advisors for $62 million in 2008; the 2010 recap gave Invesco 98% ownership, according to RE Alert.
Clarion liked the property's tenant mix—healthcare and education, two sectors its research has identified as robust. The building's anchor tenant is the Dana-Farber Cancer Institute, with the balance of the space leased to the New England Institute of Art, a subsidiary of Education Management Corp. Both tenants have long-term leases with multiple renewal options, according to the Boston Business Journal.
“Ten Brookline Place is very well located in a strong infill location, and the LMA currently has an overall vacancy rate under 2%,” says Gary Rufrano, a director at New York City-based Clarion. In the past 15 years, the property has maintained an average occupancy rate of 99.1%, thanks in part to the area's amenities.
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