Boston Realty Advisors Sells 311 Summer Street for $38.5 Million
Boston, MA, September 7, 2016 (Newswire.com) - 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 Street, LLC in an all-cash transaction. Jason Weissman, Nick Herz, and Michael D’Hemecourt led the sales and marketing efforts. Edward S. Hershfield, a Boston shareholder in the Real Estate Practice Group of global law firm Greenberg Traurig, LLP, represented 311 Summer Street, LLC in the deal.
The sale marks the latest high-profile acquisition in the rapidly evolving Seaport District. “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 hot spot. 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.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, multi-practice law firm with approximately 2,000 attorneys serving clients from 38 offices in the United States, Latin America, Europe, Asia, and the Middle East. The firm is No. 1 on the 2015 Law360 Most Charitable Firms list, second largest in the U.S. on the 2016 Law360 400, Top 20 on the 2015 Am Law Global 100, and among the 2015 BTI Brand Elite. More information at: www.gtlaw.com.
About Boston Realty Advisors:
Boston Realty Advisors is a privately held commercial brokerage firm based in Boston, Massachusetts. The full-service platform includes capital markets, tenant and landlord representation. More information at: www.BRAdvisors.com.
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Alicia M. Simonds
Marketing Director
Boston Realty Advisors
617.375.7900 // 917.680.1122
asimonds@bradvisors.com
Source: Boston Realty Advisors
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