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Liberty Mutual Buys Back Wellesley Offices at Auction
Liberty Mutual Investments, the lender for a 270,000-square-foot office building in Wellesley, MA, has bought back the property for $65 million, about half its assessed value, the Boston Business Journal reported. The site at 93 Worcester St., known as Wellesley Gateway North, was formerly the headquarters for Harvard Pilgrim Health Plan. Tenants at the mostly full property now include Aetna, AXA Advisors and the American Heart Association.
Beacon Capital Partners bought the building in 2016 for $87.5 million. The town of Wellesley most recently assessed it for $121 million.
The Business Journal reported that the sale illustrates a vastly different office market than a few years ago, due to hybrid and remote work patterns. In Boston, an 11-story tower in the West End sold this month for $28 million, less than half its price nearly a decade ago. And 101 Arch St. sold last year for $78 million, compared to $122 million in 2005.
Photo courtesy of CBRE.
- ◦Sale/Acquisition
