Shorenstein Properties is the new owner of Boston's landmark Center Plaza in a $307 million deal.
At $400-plus per square foot, the San Francisco real estate investment firm's purchase of the three Government Center buildings at 1-3 Center Plaza, totalling 717,128 square feet, from the Blackstone Group is another bullish sign for Boston's commercial property market.
"The market has significant momentum right now, and these big-ticket office buildings that weren't selling a couple of years ago are moving like hotcakes," said Dan Fasulo, managing director of Real Capital Analytics in New York. "There's more equity funds running around the U.S. looking for properties today than there was at the peak of the market in 2007."
And as a gateway city, Boston is certainly on the top of everyone's list, he said.
"We believe this property is well-positioned to benefit from our ability to add value over time through hands-on management and leasing expertise," Shorenstein CEO Douglas Shorenstein said in a statement.
Beacon Properties developed Center Plaza starting in the late 1960s and merged with Chicago's Equity Office Properties Trust in 1997. New York's Blackstone bought Equity in 2007 and recently has been selling its office buildings.
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