Eastern Consolidated Arranges Sale of Trophy Retail and Office Property in Downtown Boston for $63.25 Million
NEW YORK, NY — June 21, 2017 — Eastern Consolidated has brought a national investor to the Boston real estate market to buy a 74,500-square-foot retail and office property at 399 Washington Street, which has been vacant for 10 years. The property traded for $63.25 million.
Eastern Consolidated brokers Evan Papanastasiou, Director, represented the seller, and Adelaide Polsinelli, Senior Managing Director and Principal, procured the buyer.
The building, which has 70 feet of frontage on Washington Street, formerly housed Barnes & Noble and is one of the last pieces to be redeveloped in Boston’s Downtown Crossing.
“The institutional and international investment climate in Boston has drastically changed in the last few years as it has become a top tier city for capital preservation,” said Papanastasiou, who was born, raised, and attended college in Boston. “Boston has become attractive to national investors because it has one of the best medical and university systems in the world, and the job market has never been stronger as Cambridge has become a mini-Silicon Valley and companies like GE and Vertex having relocated their headquarters to the city, with more to follow.”
Polsinelli continued, “Eastern Consolidated’s strong reach enabled us to bring a buyer with a long-term vision for the asset. National investors clearly view the Boston retail market to be valuable and were more bullish on the property’s retail and creative office potential than the local investors.”
This corridor of Washington Street in particular is Boston’s top destination for fast casual retailers and luxury residential development.
Directly across the street from 399 Washington Street is the Millennium Tower, a luxury residential skyscraper with a retail component that includes Primark, Old Navy, Roche Bros and Michelin star chef, Michael Mina. The development pre-sold 98 percent of the condominiums including the Penthouse, which sold for a record $37,500,000.
On the corner of Bromfield Street and Washington Street there is a proposed 59-foot tower that could be bringing 419-units and another 30,000 square feet of retail to the area. Other nearby noteworthy retailers include Forever21, Marshalls, TJ Maxx, DSW & Macy’s.
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
Back to news list