BOSTON — Newmark has brokered the $125 million sale of 399 Boylston Street, a 245,084-square-foot office building in Boston’s Back Bay district. The 13-story building has had an average occupancy rate of 85 percent over the past five years and was 90 percent leased at the time of sale. In addition, the property recently underwent a capital improvements program that delivered a new lobby and entryway, as well as improvements to tenant suites. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell and William Sleeper of Newmark represented the seller, an entity doing business as BRE Boylston Owner LLC, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr., Bobby Alvarado and Conor Reenstierna, also with Newmark, arranged acquisition financing on behalf of the buyer, San Francisco-based DivcoWest.
Following the completion of a $35 million capital improvement program, 399 Boylston Street, an office building in Boston, now offers amenities such as a fitness center with a yoga studio and locker rooms, a salon and bike storage space.
Newmark Brokers $125M Sale of Office Building in Boston’s Back Bay District
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