{"id":1004181923,"date":"2017-06-26T01:52:07","date_gmt":"2017-06-26T09:52:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004181923"},"modified":"2022-12-08T16:56:26","modified_gmt":"2022-12-09T00:56:26","slug":"downtown-boston-asset-trades-for-63m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/downtown-boston-asset-trades-for-63m\/","title":{"rendered":"Downtown Boston Asset Trades for $63M"},"content":{"rendered":"

By Mihaela Coste<\/p>\n

\"DTX399\"<\/a>

DTX399, 399 Washington St., Boston<\/p><\/div>\n

LaSalle Investment Management acquired, in a joint venture with L3 Capital, 399 Washington St., a 77,000-square-foot mixed-use property located in the Downtown Crossing submarket of Boston\u2019s CBD, for $63.3 million. Colliers International has been retained as the leasing agent for the property, which has been vacant for 10 years.<\/p>\n

Evan Papanastasiou, director of Eastern Consolidated, represented the seller, while Adelaide Polsinelli, senior managing director & principal, procured the buyer for the off-market transaction. LaSalle acquired a majority equity interest in the property through its U.S. value-add fund LaSalle Income & Growth Fund VII.<\/p>\n

The Colliers International team led by senior vice presidents Peter Montesanto and Dan Collins and supported by associates Ted Lyons and Chris Janelle works to identify and secure suitable retail and office tenants for the space.<\/p>\n

Rebranding and Renovation Program<\/strong><\/h2>\n

Located along the heavily trafficked Washington Street corridor, the building\u2014now rebranded as DTX 399\u2014is often referred to as the \u201cBarnes & Noble building\u201d. The six-story asset offering prime retail and creative office space benefits from pedestrian traffic from the Downtown Crossing T station. Directly across the street from 399 Washington St. is the Millennium Tower, a luxury residential skyscraper with a retail component, including tenants such as Primark, Old Navy, Roche Bros and Michelin star chef Michael Mina.<\/p>\n

DTX 399 will undergo a major facelift, expected to commence in the summer of 2017. The redevelopment will maintain several existing attributes while juxtaposing a sleek, contemporary flare to the street and second levels of the building, and implementing a complete overhaul of both interior and exterior building systems.<\/p>\n

\u201cGiven its proximity to the Millennium Tower and the exciting tenants who accompanied that \u2018game-changing\u2019 project, we anticipate tremendous interest from flagship retailers and innovative companies drawn to the vibrancy and accessibility of DTX,<\/em>\u201d\u00a0said Montesanto in a prepared statement.<\/p>\n

\u00a0\u201cBoston\u2019s DTX 399 has long been on our radar as an incredible repositioning opportunity and we are eager to begin working with our partners at LaSalle Investment Management to bring our vision for the building to life,<\/em>\u201d added Tim Phair, principal of L3 Capital.<\/p>\n

Image courtesy of Colliers International<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Colliers International will be in charge of identifying and securing suitable retail and office tenants for DTX 399. The property has been vacant for 10 years and will undergo a major facelift this summer. <\/p>\n","protected":false},"author":1192,"featured_media":1004181924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21743,21782,21752,21742,10],"tags":[32763,33186,36393,33722],"class_list":["post-1004181923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-deals","category-development","category-mixed-use","category-latest","category-northeast","tag-colliers-international","tag-eastern-consolidated","tag-l3-capital","tag-lasalle-investment-management"],"acf":[],"yoast_head":"\nDowntown Boston Asset Trades for $63M - 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\/downtown-boston-asset-trades-for-63m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Downtown Boston Asset Trades for $63M\" \/>\n<meta property=\"og:description\" content=\"Colliers International will be in charge of identifying and securing suitable retail and office tenants for DTX 399. The property has been vacant for 10 years and will undergo a major facelift this summer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/downtown-boston-asset-trades-for-63m\/\" \/>\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=\"2017-06-26T09:52:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T00:56:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/DTX399.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4096\" \/>\n\t<meta property=\"og:image:height\" content=\"3072\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\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\/downtown-boston-asset-trades-for-63m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/downtown-boston-asset-trades-for-63m\/\",\"name\":\"Downtown Boston Asset Trades for $63M - 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