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Value-Add Offices Change Hands in Boston’s Leather District
City Realty Group acquired 186 Lincoln St., a 73,000-square-foot class B office building in downtown Boston’s Leather District, for $11 million. The property is 49% leased to the headquarters of four tenants, all operating in the technology or advertising sectors.
Newmark co-head of U.S. Capital Markets Robert Griffin, executive vice chairman Edward Maher, vice chairman Matthew Pullen, senior managing director Samantha Hallowell and associate director Joseph Alvarado of the firm’s Boston Capital Markets Group represented the undisclosed seller and procured the buyer.
“186 Lincoln St. offers a combination of in-place income and value-add opportunity,” said Hallowell. “Its strategically sized floor plates, which range from approximately 6,700 square feet to 9,800 square feet, align well with Downtown Boston’s small-tenant demand.”
Added Fred Starikov, managing partner at City Realty, “We are thrilled to have the opportunity to unlock this beautiful building’s full potential.” Mechanics Cooperative Bank financed the acquisition.
- ◦Sale/Acquisition
