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TEI Makes First Boston Office Acquisition with Deal for 230 Congress St.
Time Equities, Inc. (TEI) has acquired 230 Congress St. in Boston for $32.5 million. The 151,163-square-foot Art Deco building in the Financial District represents New York-based TEI’s first Boston office acquisition, its third asset in the Boston market and its fifth acquisition in the state.
“Boston is a market we’ve continued to target, and 230 Congress St. is a strong addition to our portfolio, which consists of retail at 399 Washington St.and The James, an apartment complex in the suburbs,” said Aaron Medeiros, director of acquisitions & policy at TEI. “It combines ideal location with a stabilized tenancy and a true telecom infrastructure component that will continue to support the building’s long-term value.”
Built in 1931, 230 Congress is currently 76.8% leased to a mix of telecommunications and office tenants, and available space is move-in ready. Supported by 11 on-site fiber providers and seven diverse points of entry, the property functions as one of Boston’s primary telecommunications interconnection assets.
TEI was represented in-house by Medeiros and Keaton Baum. The seller was represented by Midland National Life Insurance Company, in connection with Northwood Investors.
Photo courtesy of Northwood Investors.
- ◦Sale/Acquisition
