Boston Office's Foreign Appeal
Foreign and institutional investors are increasingly drawn to downtown office buildings, says Goulston & Storrs director Frank Litwin. Exhibit A: The recently announced $2.1B purchase of several Boston and Cambridge buildings by Oxford Properties Group of Canada from Blackstone. Other investors are coming from Scandinavia, the Middle East, and Asia, Frank tells us. They’re also willing to venture out of the gateway markets—New York, Boston, DC, San Francisco—into secondary and suburban locations. As a result, they’re starting to drive pricing and demand, he says.