{"id":1004130449,"date":"2015-10-30T05:42:12","date_gmt":"2015-10-30T13:42:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004130449"},"modified":"2020-04-01T02:37:27","modified_gmt":"2020-04-01T10:37:27","slug":"18-tremont-street-sells-for-77-5m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/18-tremont-street-sells-for-77-5m\/","title":{"rendered":"18 Tremont Street Sells for $77.5M"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

\"18<\/a>

18 Tremont Street – Boston<\/p><\/div>\n

The 12-story high-rise sitting at 18 Tremont St. in downtown Boston was acquired by a real estate investment company based in New York City.<\/p>\n

DLJ Real Estate Capital Partners<\/a> purchased the 12-story building from Equus Capital Partners<\/a> for $77.5 million, or roughly $384 per square foot. That\u2019s $28 million in profit for Equus, which acquired the office property back in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA.<\/p>\n

Both the seller and the buyer were represented in the transaction by Frank Petz and Matt Sherry of JLL<\/a>\u2019s Boston office. The building was 88 percent leased at the time of sale, which is indicative of the low vacancy rate in Boston\u2019s Central Business District\u2014that\u2019s below 10 percent, according to recent JLL research data.<\/p>\n

\u201c18 Tremont\u2019s location in Boston\u2019s historic CBD, together with its unique floor plates, retail amenities and proximity to public transportation make it a desirable home to the growing CBD tenant base. 18 Tremont has attractive upside potential as existing rents roll to a rapidly increasing market level,\u201d said Christopher Locatell,<\/strong>\u00a0senior vice president at Equus, who was responsible for overseeing the disposition for the firm.<\/p>\n

According to Real Estate Capital News<\/a>, the transaction was financed with a $55 million loan from the Canadian Imperial Bank of Commerce<\/a>.<\/p>\n

Completed in 1915, the U-shaped building is located near the Massachusetts State House and Boston\u2019s City Hall, and just two blocks from all four of the city\u2019s major subway lines. Onsite amenities include a conference center, bike racks, locker rooms with showers, on-site retail options, and newly renovated and upgraded entrance lobby.<\/p>\n

Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Out-of-state investor pays big money for historic office building in the heart of Boston\u2019s Financial District.<\/p>\n","protected":false},"author":258,"featured_media":1004130454,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21742,21747],"tags":[],"class_list":["post-1004130449","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-latest","category-office"],"acf":[],"yoast_head":"\n18 Tremont Street Sells for $77.5M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/18-tremont-street-sells-for-77-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"18 Tremont Street Sells for $77.5M\" \/>\n<meta property=\"og:description\" content=\"Out-of-state investor pays big money for historic office building in the heart of Boston\u2019s Financial District.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/18-tremont-street-sells-for-77-5m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-10-30T13:42:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T10:37:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/10\/18-Tremont-Street-Boston.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"718\" \/>\n\t<meta property=\"og:image:height\" content=\"737\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/18-tremont-street-sells-for-77-5m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/18-tremont-street-sells-for-77-5m\/\",\"name\":\"18 Tremont Street Sells for $77.5M - 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