The property, located between the Rose Fitzgerald KennedyGreenway and Fort Point Channel, is likely among the most expensivewaterfront assets acquired in recent years, David Begelfer, head ofthe local chapter of the National Association of Industrial andOffice Properties, tells GlobeSt.com.

"Because of the existing structures and the density that isbeing put on the site, this is probably among the most expensivepieces of property on the waterfront. It might even be the mostexpensive piece of developable land in the city's history," hesays.

Russia Wharf was acquired by the Blackstone Group last month aspart of the $23-billion buy-out of Chicago-based Equity OfficeProperties Trust. It is the first local asset sold off byBlackstone. The site is permitted for a 500,000-sf office tower,31,000 sf of retail space and 330,000-sf residential development.Those permits, Gregory Vasile , head of the Greater Boston RealEstate Board, tells GlobeSt.com, added value to an already hotlycontested offering.