X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.