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BOSTON-A group of Connecticut investors has picked up a 13-story, 228,000-sf office building at 399 Boylston St. for approximately $55.5 million. The transaction gives the company an 82%-leased property in a prime Back Bay location.

Alan Bates, a partner with Abbey Road Advisors of Westport, CT, tells GlobeSt.com that the transaction, a joint venture with Greenwich, CT-based Rockwood Capital, was the first acquisition for Abbey Road, which owns properties in Connecticut and New Jersey. It was Rockwood’s seventh investment in the metro area.

“We felt it was a national play for us,” Bates says. The property is located just one block from the Boston Garden and just steps from Copley Square. “When this asset came on the market, we felt it was the right size and provided us an opportunity to capture some profits by leasing up the vacant space and with leasing renewals.”

Built in 1983, the building is home to IXIS Asset Management North America LP, Zantaz Inc. and Time Inc. Bates says the new owners intend to upgrade some of the property’s common areas and amenities and begin a lease-up effort through Spaulding & Slye Colliers, which will also handle the building’s marketing. Initially purchased in 1999 by Centremark Properties for $52 million, the property was owned by 399 Boylston St. LP and marketed by the Trammell Crow Co.’s investment team.

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