BOSTON-Yet another office building has wended through thedisquieted sales pipeline, and managed to fetch more than $300 persf doing so, with BlackRock Real Estate paying $14 million for 121High St. The five-story, 45,000-sf building was owned by BerkeleyInvestments, an active commercial real estate firm that isretaining its headquarters at that address in the heart of theFinancial District.

A prime spot alongside such high-end behemoths as 125 High St.and International Place is one reason the class B property fetchedsubstantial interest from varied capital sources, according toMeredith & Grew EVP Lisa Campoli, whose investment sales teamnegotiated the agreement on behalf of Berkeley. “It's anexceptional location,” says Campoli, who maintains that theproperty will perform even greater as the in-place rent roll turnsover during the next few years.

Campoli says the unencumbered space should lease above in-placedeals as the rent roster rolls gradually over the next few years.Rates now are estimated as being in the low $30-per-sf range,performing better than similar product but still expected tobenefit from an improving market. “It's a gem,” Campoli says,praising the stewardship of the asset during Berkeley's tenure, onethat began after the company paid $5.7 million for 121 High St. inearly 1998. Occupancy is presently about 90%.