The trend of foreign investment in Boston real estate continues with the purchase of the new Converse headquarters at Lovejoy Wharf by German real estate investment firm Union Investment Real Estate GmbH of Hamburg. The acquisition is the second time in two weeks that the firm has made a large-scale investment in the city of Boston. On December 7, Union acquired the 242-room Godfrey Hotel Boston at 505 Washington Street at Downtown Crossing for $173.9 million.
The Converse headquarters are located in a 10-story building on a 0.75-acre waterfront site between the Zakim and North Washington Street bridges. They include Converse's flagship retail store. With the purchase of the building, Union has invested a total of $323.9 million in Boston real estate in the month of December alone.
Many big changes are happening at this site and others around North Station and other Boston neighborhoods. You can easily keep up with the latest news from the world of Boston real estate by checking in regularly with Boston City Properties. We will keep track of how the building fares under the new ownership, and we will also keep you up to date about new and anticipated residential and commercial real estate developments around the city. If this trend continues, you can expect Union and other foreign investors to keep snapping up properties around Boston.
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