Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-A McLean, VA-based private equity investment group has taken ownership of two Boston properties in a $53-million deal. JER Partners acquired Two Oliver St. and 147 Milk St. here from Equity Office Properties Trust in a transaction valued at approximately $196 per sf. The trade gives the new owner a total of 270,000 sf of office space in the heart of the city’s Financial District.

The fully leased 50,000-sf Milk Street building is occupied by Harvard Vanguard through 2012. The larger of the two properties, the 220,000-sf Two Oliver St. which counts among its tenants the Economic Development Research Group, caters to small to mid-sized tenants with pre-built, short-term rental office suites.

“After several years of downward pressure, the Boston office market has started to demonstrate signs of recovery,” Cia Buckley, senior managing director of North American Investments at JER Partners says in a statement announcing the acquisitions. A JER spokesperson tells GlobeSt.com that the investment group selected the properties because their location between Post Office Square and the soon-to-be-completed Rose Kennedy Greenway provides the buildings with upside potential for its target tenant–the small to mid-sized users. Spaulding & Slye Colliers will serve as leasing and management agent for the Two Oliver St. building, JER says.

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


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.