Shorenstein Properties has purchased a 461,046-square-foot office building located along Boston’s waterfront on behalf of its latest commingled real estate fund.
A statement from the San Francisco-based real estate investment firm reveals that Shorenstein bought Seaport Center, located at 451 D Street in Boston’s Seaport District, from a partnership between The Beal Companies and Rockpoint Group. Although Shorenstein did not disclose terms of the transaction, data provider Real Capital Analytics lists the price at $111.7 million. Shorenstein made the purchase on behalf of Shorenstein Realty Investors X, a commingled fund that closed on $1.23 billion in commitments in 2010.
The nine-storey building was built in 1909 as a wool warehouse and has since been extensively renovated. The building currently is 88 percent occupied by major tenants that include the Boston Herald, JPMorgan Chase, Monster Worldwide and Verizon.
Douglas Shorenstein, chief executive officer of Shorenstein Properties, said in a statement: “This asset affords us the opportunity to add value to a building in a rapidly transforming neighbourhood growing in its appeal to a wide range of Boston office users.”
Seaport Center represents just the second purchase by Shorenstein in the Boston market. In 2007, the firm acquired 399 Boylston Street in the Back Bay submarket.