By Bogdan Odagescu, Associate Editor
Boston—CBRE/New England recently announced that its Capital Markets team completed the sale of 15 Broad Street, a 10-story, 73,500-square-foot office building located in the heart of Boston’s Financial District. The property changed hands for $33 million and seller Broder Properties was represented by CBRE/NE’s Dave Pergola and Brian Doherty. The CBRE team also procured the buyer, Brookfield Property Partners, in conjunction with AustralianSuper.
City of Boston records show that the property’s 2016 assessment estimated the asset at little over $15.7 million, less than half of what Broder cashed in for the transaction, revealing once more the level of competitiveness in key Boston submarkets.
15 Broad Street was completed in 1910 and, according to Property Shark, was acquired by its last owner in 2007 for a price tag of almost $10 million, an amount very close to the $9.6 million assessment for the respective year. The last traceable loan on the asset, a $17 million mortgage secured through Eastern Bank, is dated March 3, 2015.
Close to Faneuil Hall and within easy reach from several metro stations, the property is situated within one of the hottest investment markets in the United States. According to The Real Reporter, 15 Broad Street was fully leased when it hit the market at the end of 2015.
Image courtesy of CBRE/NE