"It is out there," one industry professional tells GlobeSt.com,with the source supporting other claims that Eastdil Secured hasbeen hired to trade the 21-story property. Besides being in theheart of Boston's Financial District, a long-term lease to BrownBrothers Harriman has observers anticipating a substantial pricewill be needed to nail down 50 Milk St., a figure that could exceed$150 million. The current ownership, a private trust from Hawaii,paid $123 million for the asset. Officials at Eastdil declinedcomment, while efforts to contact the owners by press deadline wereunsuccessful. Nonetheless, sources insist 50 Milk St. is on theblock.

The previous sale of the tower in 2005 created a financial buzz,with a foreign investment client of locally based BarringtonCapital Partners reaping $447 per sf after another short-term hold.At the time, the $400-per-sf threshold was a lofty level locallyfor that type of asset, and well above the $109 million--$396 persf--the Australian investor had paid for in 2002. If the$150-million mark is attained, the per sf price would be $545, andwould approach three times the amount 50 Milk St. sold for in 1997when it fetched $55.5 million.

While that would be a stratospheric accretion over just onedecade, the pricing premonitions do have support considering therecent rates achieved in Greater Boston's hyperactive sales market.Not only are major towers now garnering more than $800 per sf,plenty of investors are on hand to drive rates up for ancillaryassets such as 50 Milk St. The one-time Boston cow path itself hasseen plenty of investment action this year, with the aforementioned45 Milk St. selling for $33.9 million in June to a foreigninvestor, or about $490 per sf. A few blocks down, 147 Milk St. waspurchased this spring by Lexington Realty Trust for $20 million, a$382-per-sf mark for the 10-story, 52,000-sf office building.