BXP Acquires Boston-Area Office Buildings for $30M

Boston-based real estate investment trust BXP has acquired a pair of office buildings in Waltham, MA for a total of $30 million following a rezoning of the area. The REIT paid $17 million for 860 Winter St. and $13 million for 870 Winter St., according to county deed records cited by Banker & Tradesman. The properties are located within the Bay Colony office park, west of Boston.

The seller was an affiliate of the Massachusetts Medical Society, an industry group that is based in 860 Winter St. The other building was previously occupied by defense contractor Raytheon. The Waltham City Council recently approved rezoning for multifamily development in the area, amid increasing efforts in Massachusetts to convert underutilized or vacant office buildings into apartments. BXP’s suburban Boston portfolio spans nearly 4 million square feet, including 16 properties in Waltham. The company broke ground on a 312-unit apartment complex in a Lexington, MA office park last year.