Beacon Sells High-Profile Fort Point Office Building to Canadian Firm

Foreign real estate investing in Boston has been on a major uptick lately, and yet another high-profile building has been snapped up by a foreign firm. Beacon Capital Partners, a Boston-based firm, recently sold the property at 10-20 Channel Center Street in Fort Point for a cool $100 million. According to Suffolk County property records, the property, which includes a 251,000 square foot office building, was sold to an affiliate of Callahan Capital Properties, LLC, a Chicago-based real estate private equity firm.

The entity that actually bought the property in Fort Point, a partner of Callahan Capital Properties called Ivanhoe Cambridge, serves as the real estate development and investment arm of Caisse de Depot et placement du Quebec, a Canadian pension fund manager. Together, the partners own an 11 million square foot office portfolio including properties in New York, Chicago, Seattle and Denver.

If that's not complicated enough, the back story behind this deal is pretty convoluted too. Around 15 years ago, Beacon purchased property at Channel Center Street, Midway Street and A Street for $40.5 million. Seven years later, in March 2007, they sold the Channel Center Street property for $21.5 million. In 2013, they turned around and re-purchased the developed office building at 10-20 Channel Center Street for $62 million. Needless to say, they are making a tidy profit with the most recent sale of the property, having received $100 million for it.

Current tenants of the prominent building include Cengage Learning and Rue La La. No mention has been made of new plans for the building, but they could very well occur in the next few years. To stay on top of the latest news regarding this property and commercial properties in and around Boston, stick with Boston City Properties. We always keep our finger on the pulse of the latest real estate news and bring it to you as soon as we have the scoop. Thanks to Boston's vibrant real estate market, new developments occur almost daily. Check back often!

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