A partnership of Independencia Asset Management and Synergy Investments has purchased the former home of the Boston Stock Exchange for $69.2 million. The seller was a partnership between Clarion Partners and Synergy Investments that was represented by Newmark Knight Frank.
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Located at 100 Franklin St., the historic building was completed in 1908 and served as the home of the Boston Safe Deposit and Trust Co. before becoming the Boston Stock Exchange. According to Clarion, the building underwent major renovations in 1998, before serving as the headquarters for the Boston Stock Exchange. The nine-story Class B property currently offers 123,950 square feet of offices and retail space and is 95 percent leased to 25 tenants that range from Webster Bank to the YMCA.
Clarion originally purchased the building for $48.75 million in June 2015, expecting the building to benefit from surrounding upcoming developments. Further out from Boston, Clarion also sold another two Massachusetts office properties to Boston Properties in September for $106 million.
NKF’s Boston Capital Markets team of Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell, led by Co-Head of U.S. Capital Markets Robert Griffin oversaw the 100 Franklin St. transaction, along with their colleagues Senior Managing Director Jason Cameron and Managing Director Alison Cavanaugh.
Maher said the property had an architecturally distinguished exterior combined with a modern interior, making it a coveted Class B asset in downtown Boston.
Boston’s blossoming downtown
Clarion expected the property to benefit from the surrounding area from 2015 onward and the same remains true today. The well-situated offices will be across the street from Winthrop Center, one of the most ambitious developments in Boston. The massive development incorporates more than 1 million square feet of residential, office and retail space, according to the designers Handel Architects, while also claiming the title of largest Passive House office project in the world.
On top of Winthrop Center, 100 Franklin St. will also be a few blocks away from High Street Place, a food hall with 20 vendor spots and 500 seats. The food hall has already seen a diverse cast of vendors sign on, including sushi, fried chicken and tacos, according to media reports and is planning for a fall 2019 opening.