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Boston & New England  + Office  |  January 22, 2020
Paul Bubny
By: Paul Bubny

Hines Closes on $235M Sale of Riverside Center in Newton

Hines closed on the sale of its Riverside Center office complex in Newton, MA for $235 million. Published reports say the buyer of the 509,702-square-foot property was life sciences REIT Alexandria Real Estate Equities.

A JLL Capital Markets team of Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles represented Hines. The Houston-based owner acquired Riverside Center in 2013 for $197 million through its Hines Global REIT.

In December, Hines announced that it would sell Riverside Center, while also announcing a $756-million deal to divest the Seattle-area Summit office complex in Bellevue, WA. Designed by Elkus Manfredi Architects and completed in 2000, Riverside Center comprises three separate four-story buildings connected by a full-height glass-enclosed atrium.

Riverside Center is 15 minutes from downtown Boston and Logan International Airport, and is adjacent to Riverside Station, the terminus of MBTA’s Green line, which provides light rail service to Boston and surrounding communities.

For comments, questions or concerns, please contact Paul Bubny

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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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