{"id":1004170396,"date":"2017-03-27T03:23:06","date_gmt":"2017-03-27T11:23:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004170396"},"modified":"2020-04-22T23:47:29","modified_gmt":"2020-04-23T07:47:29","slug":"lasalle-closes-on-185m-historic-boston-cbd-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lasalle-closes-on-185m-historic-boston-cbd-asset\/","title":{"rendered":"LaSalle Closes on $185M Historic Boston CBD Asset"},"content":{"rendered":"

By Mihaela Coste<\/p>\n

Boston<\/strong>\u2014LaSalle Investment Management recently closed on the acquisition of an interest in 10 Post Office, a 14-story office building located in the center of Boston’s central business district, recapitalizing a joint venture with Synergy Investments, who will continue to act as operating partner. The asset was acquired on behalf of the company\u2019s closed-end, U.S. value-add fund, LaSalle Income & Growth Fund VII.\u00a0Newmark Grubb Knight Frank worked\u00a0on behalf of both parties.<\/p>\n

According to Suffolk County records, the transaction of the Class A property amounts to\u00a0$184.8 million, recorded in mid-March. Yardi Matrix<\/a> data shows that the asset last changed hands in October 2014, when Synergy Investments acquired the property from Broadway Partners for $136.5 million, or approximately $302 per square foot.<\/p>\n

Located on 0.35 acres at the corner of Milk and Pearl streets with frontage along Park at Post Office Square, 10 Post Office encompasses more than 450,000 square feet in two interconnected towers. The historic property, completed in 1920, has been substantially renovated and offers tenants great views, flexible floor plates, standard and high ceilings. The property is situated within walking distance of three metro stations.<\/p>\n

The asset is home to 36 diverse tenants, with an average remaining term of six years. The new owner plans capital investments through Fund VII\u2019s objectives, including upgraded building systems, new tenant amenities, renovated common areas and the addition of an upscale, ground-level restaurant that will further elevate the property\u2019s image.<\/p>\n

\u201cTen PO represented a unique opportunity to recapitalize a landmark asset with a prestigious Boston address. The property\u2019s below-market rental rates provide a compelling canvas to drive further value creation with Synergy, who has demonstrated a strong track record of success in this space,\u201d said David Schreiber, managing director of acquisitions at LaSalle, in a prepared statement.<\/p>\n

\u201cWe are excited to continue the extensive capital improvement program for this well-known property. LaSalle has consistently grown its ownership in the Boston CBD, and will bring its market knowledge and renovation experience to our partnership with Synergy to maximize returns for the fund\u2019s investors,\u201d added President of LaSalle\u2019s Income & Growth fund series Jim Hutchinson.<\/p>\n

Images courtesy of LaSalle<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 450,000-square-foot office tower last traded three years ago.<\/p>\n","protected":false},"author":1192,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21808,21825,21783,21742,10,21747],"tags":[34610,33722,32845,33644],"class_list":["post-1004170396","post","type-post","status-publish","format-standard","hentry","category-boston","category-deals","category-featured","category-finance","category-investment","category-latest","category-northeast","category-office","tag-10-post-office","tag-lasalle-investment-management","tag-ngkf","tag-synergy-investments"],"acf":[],"yoast_head":"\nLaSalle Closes on $185M Historic Boston CBD Asset - 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\/lasalle-closes-on-185m-historic-boston-cbd-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LaSalle Closes on $185M Historic Boston CBD Asset\" \/>\n<meta property=\"og:description\" content=\"The 450,000-square-foot office tower last traded three years ago.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lasalle-closes-on-185m-historic-boston-cbd-asset\/\" \/>\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=\"2017-03-27T11:23:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-23T07:47:29+00:00\" \/>\n<meta name=\"author\" content=\"Mihaela Coste\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\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\/lasalle-closes-on-185m-historic-boston-cbd-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/lasalle-closes-on-185m-historic-boston-cbd-asset\/\",\"name\":\"LaSalle Closes on $185M Historic Boston CBD Asset - 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