Philadelphia-based CenterSquare Investment Management has sold Two Liberty Square, a 67,609-square-foot office building in Boston on behalf of one of its institutional clients for $28.25 million. CenterSquare acquired the asset for $18 million in 2013.
HFF arranged the sale and secured a 10-year, fixed-rate loan through SunLife for the buyer, Boston-based The Winhall Companies. The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict and director Ben Sayles.
Originally constructed in 1913, the 11-story, Beaux Arts-style, boutique office building is located in downtown Boston steps from Post Office Square. The property is 82-percent occupied by tenants including Zipcar on the ground floor in addition to Humana, Arthur J. Gallagher, Copyright Clearance Center and Brill.
“The sale of Two Liberty Square is a win-win for both the buyer and seller,” Sayles said. “CenterSquare was able to take advantage of today’s strong market, while Winhall was able to take advantage of historically low interest rates and acquire an asset that will perform exceptionally well in the years to come”.
According to HFF, Boston has emerged as a favorite investment market among today’s most active capital sources. Due to the surging tenant demand from traditional users and the influx of TAMI tenants – those engaged in technology, advertising, media and information – market conditions are getting tighter by the day.
Image: Google Streetview