In a year that saw an endless array of big-ticket real estate deals, the largest office sale in Boston has finally closed. With the sale of a pair of iconic Back Bay office buildings, the $1.29-billion deal is officially on the books. Buyers J.P. Morgan Chase & Co. and Oxford Properties Group of Toronto recently closed on the acquisitions of 500 Bolyston Street for $755.3 million and 222 Berkeley Street for $534.5 million. The buildings were sold by private equity firm Blackstone Group LP.
The big-dollar acquisition highlights how expensive office buildings have become throughout the city. With 706,862 square feet of space, 500 Boylston Street was acquired for around $1,068 per square foot. 222 Berkeley Street offers 519,608 square feet of space, making the acquisition of the 22-story building equivalent to $1,029 per square foot.
When they were originally acquired by Blackstone back in 2007, the buildings were included in the firm's $39-billion buyout of Equity Office Property Trust. There is little doubt that the firm made a tidy profit with the recent sale, which squeaked in just under the wire to become the most expensive office building acquisition in the city in 2015.
Will 2016 see similar deals like these? You can count on it because the city's real estate market continues to thrive. If you would like to stay on top of the latest news regarding acquisitions like these, just stick with Boston City Properties. We will be keeping an eye on these newly sold buildings and on all other major real estate deals and transactions throughout the year. Just check here regularly to stay up to date.
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