Blackstone Reportedly Looking To Sell Back Bay Office Building
Yet another Boston office building is up for sale, this time in the Back Bay.
Blackstone's EQ Office has put its 233K SF office building at 399 Boylston St. up for sale, Banker & Tradesman reported. It cited anonymous sources and said the listing is being managed by Newmark.
The office building was constructed in 1983, and EQ bought it for $117M in 2014 from Shorenstein Properties. At the time, the property was 87% leased, and it is now 90% leased.
EQ Office and Newmark didn't respond to Bisnow's requests for comment.
The building's former anchor tenant, Natixis Global Asset Management, vacated roughly 120K SF when it relocated its 525 employees to a new office building at BXP's 888 Boylston St. in 2017.
The Boylston Street property has continued to attract tenants. In November, EQ announced it secured more than 21K SF in leases at the building. EQ Office Vice President of Leasing Scott Silverstein said in a statement at the time that the leases validated its "strong positioning" in the market.
Boston's office market has seen a string of building sales, including Synergy's $227M purchase of 99 High St. in April and North Colony Asset Management's $48M acquisition of 343 Congress St. in the Fort Point.
The Back Bay submarket had one of the lowest vacancy rates in the city last quarter, at 15.8%, according to CBRE. The submarket recorded 122K SF of leasing transactions in Q1.
