BOSTON — LaSalle Investment Management has acquired an interest in 10 Post Office Square in Boston’s CBD. The purchase price was $188 million, according to the Boston Business Journal.
LaSalle acquired the 450,000-square-foot office building in a joint venture with Synergy Investments and on behalf of its U.S. value-add fund, LaSalle Income & Growth Fund VII. Synergy will continue to act as the operating partner.
Known as 10 PO, the 14-story building is located at the corner of Milk and Pearl streets in Boston’s Financial District. The property features two interconnected towers.
The office building is home to 36 tenants, with an average remaining lease term of six years.
LaSalle plans to reposition the asset through strategic capital investment, including upgraded building systems, new tenant amenities, renovated common areas and the addition of a ground-level restaurant.
Newmark Grubb Knight Frank provided brokerage services on behalf of LaSalle, Synergy and the undisclosed seller.
Chicago-based LaSalle maintains approximately $60 billion of private and public equity and private debt investments under management across all of its operating subsidiaries. Fund VII seeks to acquire under managed, undercapitalized or mispriced assets to be repositioned as core assets.
—Kristin Hiller