X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-Just five months after hitting the market, the largest parking garage in the city to has been sold for $243 million to a local joint venture group. The Government Center Garage, an 11-story, 2,310-car garage with ground-level retail, was sold by the RAK Group of New York City to a joint venture team comprised of Raymond Property, National Electrical Benefit Fund and Acorn Asset Management, Elizabeth Thomas, with Cushman & Wakefield’s Boston office, tells GlobeSt.com.

Thomas says the new owners bought the One Congress St. property as an investment but also viewed it as “a great development site” given its location near City Hall, Faneuil Hall, the North End and Government Center. “Whatever they do, they will be consulting the city and the neighborhoods to make sure it is what the city wants and what is consistent with the site,” she says.

The four-acre site, which is currently fully developed, could support up to 1.4 million sf of development, she adds. Officials from the joint venture group could not be reached for comment by GlobeSt.com’s deadline.

More than 10 investors placed bids on the property, Thomas says, but it was the joint venture team’s offer and reputation for closing the deal that won them ownership of the building.

Spanning more than two city blocks, the building includes a two-story office addition solely occupied by the federal Environmental Protection Agency. The EPA will relocate its offices to the John W. McCormack Post Office and Federal Courthouse in Post Office Square when that building is completed in 2009.

The transaction was handled for the seller by Thomas and Robert Griffin, Marci Griffin Loeber, and David Martel, all with Cushman & Wakefield of Massachusetts. The Cushman & Wakefield team also procured the buyer in the deal.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.