BOSTON — New Boston Fund has sold the One Brigham Circle mixed-use complex in Boston to AEW Capital Management. Developed in 2003 by New Boston and joint venture partners NDC Development Associates and Mission Neighborhood Housing Services, One Brigham Circle is a 200,000-square-foot complex located in the city's Mission Hill neighborhood. It consists of office and retail space as well as a parking garage and a 5.5-acre park.
Partners HealthCare Systems is the primary tenant of One Brigham Circle, occupying 123,000 square feet of office space on a long-term lease. Partners is a group of teaching hospitals affiliated with nearby Harvard Medical School and Brigham Women's Hospital. Retail tenants at the development include Stop & Shop and Walgreen's. Occupancy was 98 percent at the time of closing.
AEW acquired the property on behalf of AEW Core Property Trust. In a statement, Dan Bradley, portfolio manager for the AEW fund, said, “One Brigham represented the rare opportunity to acquire a well-located, infill, Class A asset located adjacent to the supply-constrained Longwood Medical Area. Due to the irreplaceable nature of the asset, the high-quality tenants and the strong submarket, we feel this is an excellent long-term investment for the fund.”
The acquisition price could not be disclosed.
— Coleman Wood