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Vacant Retail/Office Complex in Downtown Boston Changes Hands for $63 Million

Commonwealth Holding Sells One of Final Redevelopment Pieces in Downtown Crossing
June 27, 2017
A long-vacant retail and office complex in downtown Boston has sold to a private national investor in a $63.25 million completed late last week.

Commonwealth Holding secured an $837 per square foot price for the 75,540-square-foot, five-story building that has stood vacant for a decade at 399 Washington St. in downtown Boston's financial district.

Formerly home to Barnes & Noble, the property represents one of the last remaining parcels to be redeveloped in Boston's Downtown Crossing. In stark contrast, the century-old building is situated directly across from Millennium Tower, the nearly one million-square-foot, 56-story residential luxury high-rise that delivered last June as part of Millennium Partners' $689 million redevelopment initiative.

Evan Papanastasiou of Eastern Consolidated handled negotiations on behalf of the seller, while Adelaide Polsinelli, also of Eastern Consolidated, represented the buyer.

“Eastern Consolidated’s strong reach enabled us to bring a buyer with a long-term vision for the asset," said Polsinelli. "National investors clearly view the Boston retail market to be valuable and were more bullish on the property’s retail and creative office potential than the local investors.”

“Boston has become attractive to national investors because it has one of the best medical and university systems in the world," added Papanastasiou. "The job market has never been stronger as Cambridge has become a mini-Silicon Valley, and companies like GE and Vertex having relocated their headquarters to the city, with more to follow,"

Please see CoStar Comp #3935055 for more information on the transaction.
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