DivcoWest Adds Back Bay Offices in $125M Deal

DivcoWest, a DivCore Capital company, said Wednesday it had acquired 399 Boylston St., a 245,000-square-foot, Class A office building in Boston’s Back Bay. Separately, Newmark said it arranged the $125-million sale of the property, which is more than 90% leased.

“We believe Boston continues to be one of the most resilient and desirable office markets in the country,” said Michael Falvey, senior director and head of Boston acquisitions at DivcoWest. “399 Boylston St. exemplifies the type of high-quality, well-located assets we seek, properties that deliver a best-in-class tenant experience in markets with enduring fundamentals. We see tremendous long-term value in this investment and in the continued vibrancy of the Back Bay and the city of Boston.”

Newmark co-head of U.S. Capital Markets Robert Griffin, along with Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, senior managing director Samantha Hallowell and associate director William Sleeper, represented the seller, BRE Boylston Owner LLC, a Blackstone affiliate that paid $117 million for the 13-story property in 2015. The team also procured the buyer.

Acquisition financing on behalf of DivcoWest was arranged by Newmark Boston Debt & Structured Finance vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian, Jr. and associate directors Bobby Alvarado and Conor Reenstierna.

Inside The Story

DivcoWest's FalveyNewmark's Griffin

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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