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Boston Seaport District: Major Complex Sells for $169.75 Million

0518451-d-street-304xx405-608-38-0The Seaport Center of D Street and half an acre of land across from this major building in Boston has been sold for $169.75 million. According to documents filed at the Suffolk Registry of Deeds, this significant building located right in the heart of Bostons Seaport District was bought by a 451 D Street LLC controlled by GE Asset Management. This now marks the second ownership group within the last two years for this property.

The transaction included property at 60-84 Fargo Street, known as 451 D Street or the Seaport Center, and 67- 75 Fargo Street. The purchase was financed by the GE Asset Management-controlled LLC along with a $108.4 million mortgage from Prima Mortgage Investment Trust.

Some significant tenants currently occupying 451 D Street include the Boston Herald and JP Morgan Chase who together, along with the other tenants, occupy this property that takes up 1.42 acres of this prized area in the Seaport.

Two years ago this major complex sold for $110 million to an entity that is controlled by Shorenstein Co., a National Real Estate Investor based out of San Francisco that specializes in high-quality office properties. This most recent sale of $169.75 million represents a rapid turnaround for Shorenstein and demonstrates a great performance in the commercial real estate market to go along with the recent rise in residential sales here on our local level. The best is yet to be.

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