An eight story building in Bostons bustling Downtown Crossing neighborhood has just been sold for $10.8 Million. Specifically located at 44 Bromfield Street, the closed deal was purchased by a division of Thibeault Development out of Everett, Massachusetts.
The closing of this building marks yet another significant commercial real estate transaction for the Hub. Not only have there been other successful closings of office buildings in the city as of late, there are also countless new projects currently in the pipeline to being built, especially within the growing Seaport District.
The 42,053 square foot Beaux-Arts style office building offers superb office and retail space in a highly active area of the city. Its now former owner was King Bromfield LLC, based out of Waltham, Massachusetts. Back in 2006, this firm purchased the property for $9.6 Million when the commercial market was in quite the prosperous state. Now, given the massive improvements in the real estate market in all segments, it is certainly an optimistic realization achieving an even better sales price in this booming market.
This does not mark the only property Thibeault Development has purchased in Downtown Boston. The firm also recently bought the Liberty Tree Building at 630 Washington Street for $8.1 Million and 103 Arch Street for $2.2 Million.
Average office space rents in a building like 44 Bromfield Street is about $25/square foot. Built in 1913, all eight floors of the property have been 100% leased besides a small retail space on the ground floor, once again displaying a perfect snapshot of the high level of demand for commercial space that exists in todays Boston real estate marketplace.
More Information: Boston Business Journal