BOSTON—The 226 Causeway St. office building in Downtown Boston has changed hands in a deal worth approximately $92 million.
Brokerage firm Cushman & Wakefield reports that it brokered the transaction on behalf of the seller, 226 Causeway Holdings, LLC. Although the brokerage firm refused to disclose the identity of the buyer, multiple reports indicate that an affiliate of Invesco Real Estate of Dallas is the new owner of the building that serves as the home of the NBA's Boston Celtics. Invesco Real Estate is a unit of Invesco, Ltd. of Atlanta.
A spokesman for Invesco had no comment on its reported purchase of 226 Causeway, a 192,890-square-foot, six-story office building. The building's anchor tenants include the Boston Celtics, two divisions of TripAdvisor, Oxfam America's headquarters, and international architectural firm Stantec. The building is currently 92% leased, according to Cushman & Wakefield.
The Cushman & Wakefield team that oversaw the sales transaction was led by president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen.
The property's former owners recently pumped in more than $1.7 million in capital improvements to the property that included a complete lobby renovation, updated common areas and new building signage.
“Located in Boston's booming North Station submarket, 226 Causeway is the epitome of 'cool core' paired with rapid leasing momentum and minimal rollover until 2021,” says C&W's Maher. “As a result, the property is exceptionally well-positioned for long-term value accretion.”
Published reports indicate that Invesco Real Estate purchased the property based on a recent Suffolk County deed filing. The reports identified the seller as an entity of real estate investment fund Spear Street Capital, which has offices in New York and San Francisco.
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