May 23, 2017
Newport Beach, CA-based KBS Strategic Opportunity REIT divested 50 Congress Street in Boston for $79 million. Located in the heart of Boston’s Financial District, the 10-story office building, with a retail component on the ground floor, was acquired by Quincy, MA-based Jumbo Capital Management and Boston-based Guggenheim Real Estate.
KBS’ Shep Wainwright said, “We executed on our business plan to refurbish the property, retain tenants and roll them to market, while driving up occupancy and rents in this great property.”
Constructed in phases between 1910 and 1915, the 100-plus year-old property still maintains its original exterior giving it its aesthetic appeal, though now includes a modernized infrastructure, and is structurally retrofitted with updated amenities. The property has 179,872 square feet of rentable space, and includes such amenities as an on-site hair salon, bank, café and access to U.S. Postal Services.
HFF’s Coleman Benedict and Ben Sayles brokered the deal on behalf of KBS, a non-traded REIT.
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