{"id":1004777222,"date":"2025-11-06T04:46:13","date_gmt":"2025-11-06T12:46:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004777222"},"modified":"2025-11-06T04:46:15","modified_gmt":"2025-11-06T12:46:15","slug":"divcowest-acquires-boston-office-asset-for-125m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/","title":{"rendered":"DivcoWest Acquires Boston Office Asset for $125M"},"content":{"rendered":"\n

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\"Exterior<\/a>
The office building at 399 Boylston St. rises 13 stories in Boston’s Back Bay. Image courtesy of DivcoWest<\/em><\/figcaption><\/figure><\/div>\n\n\n

DivcoWest is expanding its Boston footprint with the acquisition of 399 Boylston, a 13-story, 245,000-square-foot Class A office building in the city\u2019s Back Bay. The San Francisco-based real estate investment firm purchased the property from Blackstone subsidiary Perform Properties for $125 million.<\/p>\n\n\n\n

The price tag was slightly higher than the $117 million Perform paid when it acquired the asset from Shorenstein in September 2014, according to Yardi Matrix data. The previous owner also secured a $108.2 million loan for the property originated by Deutsche Bank Trust Co. Americas in September 2019, the same source shows. <\/p>\n\n\n\n

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LISTEN TO:<\/strong> How Deals Are Getting Done in Boston<\/a><\/p>\n\n\n\n

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Newmark, including Edward Maher, Boston capital markets executive vice chairman, represented the seller. JLL will continue serving as the exclusive leasing agent for the property.<\/p>\n\n\n\n

Prime amenities, location<\/h2>\n\n\n\n

Completed in 1983, the office building has floorplates ranging from 16,005 to 19,555 square feet. The property recently received $35 million in tenant-focused upgrades, including a full-service fitness center, a yoga studio, bike storage, locker rooms, showers and a salon. <\/p>\n\n\n\n

The first floor includes 12,592 square feet of retail space with tenants like Sassoon Salon, CorePower Yoga, Carbon Health Urgent Care and Tatte Bakery and Caf\u00e9. Office tenants include Slalom Consulting, Lineage Capital, Coldwell Banker Realty, Elevate Business Coaching and Ligris + Associates. Workbar, a coworking operator, also occupies about 12,000 square feet at the property that was 90 percent leased at closing.<\/p>\n\n\n\n

The building is at the intersection of Boston\u2019s historic and business districts on the block between Arlington and Berkeley streets, near the Boston Public Garden. The property\u2019s location provides immediate access to the MBTA Green line, with connections to the Red and Orange lines two blocks away. Newbury Street\u2019s retail and dining offerings are also nearby.<\/p>\n\n\n\n

Growing Boston presence<\/h2>\n\n\n\n

DivcoWest, a DivCore Capital company, views Boston as a strong market and plans to keep growing its holdings in the city and nearby submarkets. Michael Falvey, the firm’s senior director & head of acquisitions, called Boston one of the most resilient and desirable office\u00a0markets in the country. <\/p>\n\n\n\n

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READ ALSO:<\/strong> Boston\u2019s Office Pipeline Maintains National Lead<\/a><\/p>\n\n\n\n

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DivcoWest\u2019s largest asset in the metro is Cambridge Crossing, a 43-acre mixed-use development in Cambridge, Mass. The campus, one of the biggest construction projects in Boston<\/a>, will feature 4.5 million square feet of life science, retail, office and residential space at full build-out. <\/p>\n\n\n\n

Last month, the firm officially opened One Lincoln<\/a>, a 36-story, 1.1 million-square-foot office tower in downtown Boston formerly known as State Street Financial Center. DivcoWest and several other investors purchased the asset for $400 million out of foreclosure in March and spent $100 million upgrading the building with new amenities including a wellness center, fitness center, artisanal food market, rooftop basketball and tennis court and a tenant-only whiskey bar.<\/p>\n\n\n\n

DivcoWest also owns 75 State St., a 31-story, 840,932-square-foot Class A office tower that overlooks the historic Faneuil Hall Marketplace and the Financial District.<\/p>\n\n\n\n

In addition to its San Francisco headquarters, DivcoWest has offices in Cambridge, Los Angeles, Silicon Valley, Washington, D.C., New York City and Austin, Texas. The firm and its predecessor have acquired approximately 61 million square feet of commercial space, primarily in the U.S., since 1993. Its current portfolio includes existing and under-development properties in the office, R&D, lab, industrial, retail and multifamily sectors.<\/p>\n","protected":false},"excerpt":{"rendered":"

A Blackstone unit sold the property.<\/p>\n","protected":false},"author":1068,"featured_media":1004777238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1490,21783,21742,10,21747],"tags":[32892,32841,32796,50999,33448],"class_list":["post-1004777222","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-boston","category-investment","category-latest","category-northeast","category-office","tag-blackstone","tag-divcowest","tag-jll","tag-newmark","tag-shorenstein-properties"],"acf":[],"yoast_head":"\nDivcoWest Acquires Boston Office Asset for $125M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"DivcoWest has acquired 399 Boylston, an office building in Boston, from Blackstone's Perform Properties for $125 million.\" \/>\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\/divcowest-acquires-boston-office-asset-for-125m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DivcoWest Acquires Boston Office Asset for $125M\" \/>\n<meta property=\"og:description\" content=\"DivcoWest has acquired 399 Boylston, an office building in Boston, from Blackstone's Perform Properties for $125 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/\" \/>\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=\"2025-11-06T12:46:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-06T12:46:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/399-Boylston-St.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\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\/divcowest-acquires-boston-office-asset-for-125m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/\",\"name\":\"DivcoWest Acquires Boston Office Asset for $125M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/399-Boylston-St.jpeg\",\"datePublished\":\"2025-11-06T12:46:13+00:00\",\"dateModified\":\"2025-11-06T12:46:15+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/fc5b5df1393e5023d2417bd48c2fda57\"},\"description\":\"DivcoWest has acquired 399 Boylston, an office building in Boston, from Blackstone's Perform Properties for $125 million.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/divcowest-acquires-boston-office-asset-for-125m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/399-Boylston-St.jpeg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/11\/399-Boylston-St.jpeg\",\"width\":1024,\"height\":768,\"caption\":\"The office building at 399 Boylston St. rises 13 stories. 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