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FEW DEALS, RISING VALUES

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FEW DEALS, RISING VALUES
FEW DEALS, RISING VALUES
For those with faith in Boston commercial property despite fewer sales, Reis? Victor Calanog says, you're right on course. Deal volume fell last year to about $1.5B, from a peak of $6.2B in ?06. Sure, there have been some distress sales like the iconic Hancock Tower that went for $1.3B in late ?06, and again for about $700M at foreclosure in March '09. But take heart, last year Boston's average sale price rose to $421/SF, from $284 four years ago. The explanation is constrained supply and quality assets, buildings filled with credit worthy tenants drawn by Class A finishes, amenities and access. Even in the dark days of Jan. '09, One Beacon sold for $508M, or $931/SF.
Related Topics: Hancock Tower, Victor Calanog