Prominent Renovated Downtown Office and Retail Property

BOSTON – Boston Realty Advisors, the Boston area’s largest independent commercial real estate brokerage, represented the owners of 399 Washington Street in the sale the prominent Downtown retail and office property that had long been vacant.

A bank lender, which had taken the property back from a previous owner, last year tapped Boston Realty Advisor to sell the vacant five-story building of about 76,000 square feet with two retail lower floors.

The property was sold in an all-cash deal. The new ownership group is a joint venture between Hudson Group and Assembly Investments.

Representing the seller were Whitney Gallivan, Managing Director and Partner, and Nicholas M. Herz, Partner, of BRA.

“In the heart of downtown Boston, we solid a vacant asset, exceeded pricing expectations, and delivered results for a valued client in one of the city’s most vital districts,” said Gallivan. “This sale was more than just a transaction — it was a testament to market expertise, strategic execution, and unwavering commitment to success, as well as the future of downtown in the City of Boston.”

The handsome 399 Washington St. building was purchased for $63 million in 2017. It was renovated for $7 million to $10 million in 2021, including LEED-certified base building systems, but remained unoccupied. An additional lower level of the building is highly functional.

“The buyer performed flawlessly, and we exceeded the expectations of our client, a large money center bank with a very institutional ethos,” said Herz.

First-floor tenant Barnes & Noble closed its doors in 2006. But things have changed, according to the new owners.

“There is so much positive momentum happening downtown now,” said Noam Ron of Hudson Group. “Between the City of Boston’s ongoing emphasis on prioritizing large-scale development alongside historic preservation and the Downtown Boston Alliance’s focus on public art and streetscape improvements, we’re very bullish on the future of downtown,” he said.

Adding a unique personal connection to the transaction, Evan Papanastasiou, Managing Partner of Assembly Investments, was previously a broker and represented the family who sold the asset in 2017 at its record price.

“It’s a property I share a deep connection with, and acquiring it now, years later, holds a significant personal meaning to me,” Evan Papanastasiou said.  “We’re very excited about the opportunity to bring new life to this asset and restore its prominence and importance in the Downtown Crossing retail and office market.”

The building, on historic Washington Street, is centrally located with extraordinary commuter access on the MBTA transit and Commuter Rail systems, including immediate proximity to the Park Street and Downtown Crossing MBTA stations, which offer Green, Orange and Red Line access.

399 Washington Street was designed by noted Bostonian architect Nathaniel J. Bradlee, and the modernized, two-story facade and restored stone-fronted architecture exemplifies this historic stretch of Downtown Boston.

ABOUT BOSTON REALTY ADVISORS

Founded in 2001, Boston Realty Advisors is a Boston-based, privately held, locally operated real estate firm. BRA is a leader in the middle markets, focused on investment sales, corporate real estate and retail. For more information, please go to www.bradvisors.com .

ABOUT ASSEMBLY INVESTMENTS

Assembly is a real estate investment firm specializing in acquiring and revitalizing historically significant assets in New York City and Boston. With a focus on properties that include prominent retail spaces, Assembly is dedicated to reimagining urban streetscapes and revitalizing underutilized buildings and neighborhoods. By leveraging strong tenant relationships and deep community insight, the firm transforms these spaces into vibrant areas that drive long-term growth and value. For more information, please go to www.assemblyinvestments.com .

ABOUT HUDSON GROUP

Hudson is a boutique, privately owned real estate development firm based in Boston. Originally from Tel Aviv, Israel, the family company has been in the development and construction business since 1976. Today, Hudson is deeply invested in downtown Boston, having developed the new construction and adaptive reuse of 300 units (about 500,000 square feet) in the area over the past 30 years. The Hudson portfolio consists of multifamily, office, and retail assets with a concentration in the historic Leather District and Chinatown neighborhoods. The firm prides itself on a long-term investment philosophy and is led by Ori Ron and Noam Ron. For more information, please go to www. hudsongroupna.com .

FOR MORE INFORMATION, PLEASE CONTACT:

Whitney Gallivan, Managing Director & Partner
wgallivan@bradvisors.com, 617.850.9612

Nicholas M. Herz, Managing Director & Partner
nherz@bradvisors.com, 617.850.9624

Tom Palmer, Tom Palmer Communication
tompalmer@rcn.com, 617.755.7250

To view the press release on Yahoo! Finance, please click here.