US real estate investment firm DivcoWest has acquired a 240,000sqft Boston office building from Blackstone.
IPE Real Asset understands that DivcoWest paid $125m (€108.9m) or $510 per square foot for the 399 Boylston Street office building in the Back Bay region.
The property, which recently underwent $35m in tenant-focused upgrades, is now more than 90% leased.
Blackstone, which acquired the 399 Boylston Street office asset for $117m in 2014, did not respond to a request for comment.
Michael Falvey, senior director and head of acquisitions at DivcoWest, said: “We believe Boston continues to be one of the most resilient and desirable office markets in the country.
“399 Boylston Street exemplifies the type of high-quality, well-located assets we seek, properties that deliver a best-in-class tenant experience in markets with enduring fundamentals.”
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