Live Oak JV Buys Boston Office Asset

A joint venture between Live Oak Real Estate Investments and Tritower Financial Group has acquired One Bowdoin Square, a 141,831-square-foot office building in Boston, for $28 million. Newmark brokered the deal and arranged the acquisition financing from Bank of New England.

New York Life Real Estate Investors previously owned the asset, according to Yardi Research Data. The firm had acquired it in September 2016 for $61.8 million from Brickman.

Located at 15 New Chardon St. in the city’s downtown area, the transit-oriented property is 3 miles from Cambridge, Mass. Boston Logan International Airport is within 4 miles.

Built in 1972 as a seven-story building, the property went through complete renovations and saw the addition of four floors in 1989. The LEED Gold-certified mid-rise has three passenger elevators and floorplates averaging 12,476 square feet, the same source shows. The tenant roster includes OJB, Smartleaf and Massachusetts General Hospital.

A Newmark-brokered deal

Newmark Co-Head  Robert Griffin, Executive Vice Chair Edward Maher, Vice Chair Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell and Associate Director William Sleeper represented the seller and procured the buyers.

Vice Chair David Douvadjian Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian Jr., together with Associate Directors Bobby Alvarado and Conor Reenstierna, arranged the financing. Senior Managing Directors James Brady and Jason Cameron provided local leasing expertise, while Senior Financial Analyst Nickolas Revers and Financial Analysts Grady Zink and Harrison Zucco provided analytical support.

Boston’s office investment activity still steady

Boston’s office investment volume year-to-date clocked in at $633 million as of May, ranking in the top 10 metros nationally, according to the latest Yardi Matrix office report. Assets in the metro traded for $237 per square foot on average.

In April, Synergy acquired 99 High St., a 32-story office building in Boston’s Financial District, for $227 million. Nuveen sold the tower for roughly $100 million below the property’s valuation.