West End Office Tower Sells For Big Discount: The Boston Deal Sheet
A joint venture acquired an 11-story office tower on Bowdoin Street in Boston's West End for well below its prior sale price.
Live Oak Real Estate Investments and Tritower Financial Group bought the property for $28M, according to Newmark. The sale is less than half of the nearly $62M that an entity linked to New York Life Investments paid in 2016, according to public records.
The joint venture secured $20.7M in financing from the Bank of New England along with the acquisition. Newmark represented the seller and procured the buyers.
The tower is within walking distance of TD Garden, City Hall Plaza and the MBTA Blue Line station. Tenants include Massachusetts General Hospital and the commonwealth of Massachusetts.
"One Bowdoin Square’s premier location, durable tenancy and architectural distinction align with our investment philosophy focused on long-term value creation and capital preservation," Tritower Chief Investment Officer Tod Brainard said in a statement
SALES
Chicago-based Logistics Property Co. acquired a fully leased industrial building in Mansfield for $71M, according to public records. The company bought the property at 572 West St. from an entity linked to Wakefield-based NorthBridge Partners. The property is part of the Cabot Business Park, an 850-acre industrial park. The acquisition is Logistics Property Co.'s first in Greater Boston.
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Seyon Group acquired three industrial buildings in North Andover and Norwood, totaling 140K SF. The industrial real estate company bought 300 Willow St. and 125 Flagship Drive in North Andover and 290 Vanderbilt Ave. in Norwood. The buildings in North Andover total 80K SF, and the building in Norwood is 60K SF.
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Foxfield Properties acquired a 155K SF office building in the Cabot Business Park for $10.2M. The property at 9-11 Hampshire St. has tenants including Roche Bros. Supermarkets and Trimark USA. An entity linked to the Los Angeles County Employees Retirement Association was the seller in the deal.
Approximately 24% of the building is vacant, according to a press release. CBRE's Tim Mulhall, Scott Dragos, Chris Skeffington, Roy Sandeman, Daniel Hines, Douglas Jacoby, Anthony Hayes and PJ O'Reilly brokered the sale.
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Horse race track owner Churchill Downs Inc. entered into an agreement to acquire 90% ownership in the Live Casino in Salem, New Hampshire, for $180M. CDI purchased a 51% stake from The Cordish Cos. and a 39% stake from F&L Gaming, an entity owned by local developers Sal Lupoli and Joe Faro.
LEASES
Synergy has secured seven leases totaling roughly 80K SF since acquiring the 99 High St. office tower three months ago. More than half of the leases are new tenants, the Boston Business Journal reported. The largest lease was signed by biotech company enGene for 26K SF.
Other tenants include architectural firm Goody Clancy, computing startup Qblox and investment bank AGC Partners. The real estate company acquired the 32-story office tower for $227M in April, and it was 78% leased at the time.
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Terrain Biosciences signed a 14K SF lease at Phase 3 Real Estate Partners' Genesis 640 Memorial Drive lab development in Cambridge's innovation corridor. The lease is for the biotech company's new headquarters. CBRE represented the landlord, and Colliers represented Terrain.
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Anchor Line Partners and Alloy Properties secured two leases in their Greater Boston portfolio totaling 67K SF. Lantheus signed a 41K SF office lease at The Core @ Crosby at 34 Crosby Drive in Bedford. An unnamed tenant signed a 26K SF lease at The Core @ Waltham campus in Waltham. Latheus was advised by Cushman & Wakefield.
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Minerva Biotech signed a 13K SF lease at Cummings Park in Woburn. The life sciences company is exiting its previous location in Waltham and expanding into the newly renovated facility in Woburn.
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J.F. White Contracting signed a 25K SF lease at Paradigm Properties and North Colony Asset Management's 111 Speen St. office building in Framingham. The contracting company is relocating its headquarters from 10 Burr St. in Framingham in the first quarter of 2026.
Paradigm and North Colony invested more than $5M in building upgrades after acquiring the property in March 2022. Kelleher & Sadowsky's Philip DeSimone, Andrew Sherman and Ross Miner represented the landlords in the transaction.
CONSTRUCTION AND DEVELOPMENT
GenesisM, a joint venture between Bain Capital Real Estate and Botanic Properties, broke ground on its 154K SF biomanufacturing facility in Bedford. The facility at 45 Crosby Drive is expected to deliver in the third quarter of 2026. Construction financing was provided by Barings. The joint venture acquired the site, home to a manufacturing facility, in May for $26M.
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Island Housing Trust and Affirmative Investments Inc. broke ground on their 60-unit affordable and workforce housing development in Oak Bluffs on Martha's Vineyard. The Tackenash Knoll project is being developed on a 7.8-acre parcel owned by the town of Oak Bluffs.
