New York-based real estate investment manager Clarion Partners has acquired 10 Brookline Place in the Boston suburb of Brookline, Massachusetts from Invesco Real Estate for $121 million. The six-story, 173,439-square-foot office building serves as the southwest gateway to the Longwood Medical and Academic area of Boston.
As its anchor tenant, the fully leased building houses the Dana-Farber Cancer Institute, an affiliate of Harvard Medical School that has occupied space in 10 Brookline Place since 2001. The remaining space is leased to the New England Institute of Art, a subsidiary of Education Management. Clarion cited having tenants in the education and healthcare sectors as reasons for purchasing the building, describing the sectors as “robust segments of today’s economy.”
The property has maintained an average occupancy rate of 99.1 percent over the last 15 years due in part to the amenities of the area, including restaurants and coffee shops located north of the building, along with covered parking and easy access to several modes of public transportation. “Ten Brookline Place is very well located in a strong infill location, and the Longwood Medical and Academic area currently has an overall vacancy rate under two percent,” said Gary Rufrano, director at Clarion, in a statement.
Invesco originally purchased its 98 percent stake in the 10 Brookline Place in 2010 for $111.5 million. The Dallas-based real estate investment firm then bought out the remaining 2 percent stake held by New England Development and Charles River Capital before selling to Clarion, according to data provider Real Capital Analytics. The two Newton, Massachusetts-based companies purchased the struggling property in 2008 for $62.5 million.
This is not the first time this year that property has changed hands between Invesco and Clarion. In June, PERE reported on Clarion’s purchase of a Fifth Avenue office building in New York from Invesco for $230 million.