BOSTON– Boston Realty Advisors announced that it has closed the sale of 311 Summer Street, an iconic brick-and-beam office building in Boston’s Fort Point neighborhood. The sale price of $38,500,000 equates to $673 per square foot.
Qatar-based investor, Alduwaliya purchased the core asset from 311 Summer St, LCC in an all-cash transaction. Jason Weissman, Nick Herz, and Michael D’Hemecourt led the sales and marketing efforts.
“Boston continues to demonstrate its’ pre-eminence as a top foreign investment market,” says Weissman.
The seven-story 57,225 square foot brick-and-beam building, which is currently 100% leased, underwent a meticulous renovation in 2008 and now boasts high-efficiency, LEED platinum certified interiors. The impeccably maintained asset is ideally located in the heart of the city’s newest business hub and premier development hotspot.
With over 3.7 million square feet of mixed-use development board-approved or under construction, the reinvention of the Seaport is well underway. The rapidly expanding infrastructure combined with infusion of neighborhood amenities is attracting both emerging entrepreneurs and established Fortune 500 companies to the Innovation District.