{"id":1004040273,"date":"2012-05-22T20:56:38","date_gmt":"2012-05-23T04:56:38","guid":{"rendered":"https:\/\/test.commercialsearch.com\/news\/?p=1004040273"},"modified":"2022-12-07T01:23:33","modified_gmt":"2022-12-07T09:23:33","slug":"shorenstein-purchases-bostons-461-ksf-seaport-center-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shorenstein-purchases-bostons-461-ksf-seaport-center-office-complex\/","title":{"rendered":"Shorenstein Purchases Boston\u2019s 461 KSF Seaport Center Office Complex"},"content":{"rendered":"<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/featured-in-the-digital-edition\/shorenstein-purchases-bostons-461-ksf-seaport-center-office-complex\/attachment\/052212-451-d-st-boston-shorenstein-300x283\/\" rel=\"attachment wp-att-1004040274\"><img decoding=\"async\" data-attachment-id=\"1004040274\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/shorenstein-purchases-bostons-461-ksf-seaport-center-office-complex\/052212-451-d-st-boston-shorenstein-300x283\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/05\/052212-451-D-St-Boston-Shorenstein-300x283.jpeg\" data-orig-size=\"300,283\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"052212-451-D-St-Boston-Shorenstein-300&#215;283\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/05\/052212-451-D-St-Boston-Shorenstein-300x283.jpeg?w=300\" loading=\"lazy\" class=\"alignright size-full wp-image-1004040274\" title=\"052212-451-D-St-Boston-Shorenstein-300x283\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/05\/052212-451-D-St-Boston-Shorenstein.jpeg\" alt=\"\" width=\"300\" height=\"283\" \/><\/a>In an example of a repositioned property in a transitioning neighborhood doing extremely well, Boston\u2019s Seaport Center will see new ownership after being purchased by Shorenstein Properties for $115 million. The property, which spans 461,046 square feet, sits in the city\u2019s Seaport District along the south waterfront of the Central Business District.<\/p>\n<p>Douglas Shorenstein, chairman &amp; CEO of Shorenstein, noted that the building\u2019s \u201cmodern infrastructure, great views and flexible floor plates\u201d will help \u201cappeal to a wide variety of Boston office users.\u201d<\/p>\n<p>Shorenstein made the purchase on behalf of Shorenstein Realty Investors Ten, LP, a commingled fund formed in 2010 with $1.23 billion of committed capital.\u00a0\u00a0The seller was a partnership between The Beal Companies and Rockpoint Group.<\/p>\n<p>A report by Marcus &amp; Millichap Real Estate Investment Services Inc. called Boston\u2019s south waterfront the driver of the city\u2019s economic recovery, specifically noting the\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/355m-construction-loan-orchestrated-for-vertex%E2%80%99s-1-1m-sf-boston-hq\/\">new, $355 million headquarters being developed for Vertex Pharmaceuticals<\/a>\u00a0along Fan Pier \u2013 which, upon delivery in 2013, will be the largest commercial lease in the city. The report went on to note that, for existing space, asking rents will rise citywide an average of 4 percent to $37.35 per square foot, driven by lack of new construction. \u201cApproximately 210,000 square feet of office space will come online in 2012, increasing stock by a mere 0.2 percent,\u201d the report noted.<\/p>\n<p>Built in 1909 as a wool warehouse, the nine-story building has since been extensively renovated and today features fiber optic cable, highly efficient energy service, modern heating and air conditioning systems, a two-story atrium lobby, new windows, upgraded landscaping and on-site parking.\u00a0The building is 88 percent occupied and major tenants include the Boston Herald, JP Morgan Chase, Monster Worldwide and Verizon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an example of a repositioned property in a transitioning neighborhood doing extremely well, Boston\u2019s Seaport Center will see new ownership after being purchased by Shorenstein Properties for $115 million. <\/p>\n","protected":false},"author":1201,"featured_media":1004040274,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1004040273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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