Blackstone Group has found a use for some of the proceeds from Boston’s biggest office sale of 2015. The investment giant has acquired the Club Quarters Hotel from NY-based Masterworks Development for $75.42M. The 178-room extended-stay hotel is at 161 Devonshire St. In November, Blackstone sold off 500 Boylston St and 222 Berkeley St to a JV of JP Morgan Chase & Co and Oxford Properties Group for $1.3B.
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Sales
Waltham-based Legacy Real Estate Ventures has acquired a 30k SF office property in the South End for $6.5M. Located at 44-46 Plympton and 61-63 Wareham streets, the property is fully occupied and will be managed by Eastport Real Estate Services.
Dedham Mob LLC, an entity controlled by Whelan Associates, has purchased a 22k SF medical office building at 910 Washington St in Dedham for $6.45M from Vision Realty Dedham. RW Holmes Realty repped the seller.
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Leasing
MetLife has selected JLL as the exclusive leasing agent for One Beacon Street, the landmark trophy asset with more than 1M SF of first class office space at the intersection of the Financial District and the Back Bay. The LEED Platinum certified building is 82% leased, with tenants that include Gensler and JP Morgan Chase Bank.
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This and That
The investment sales team of Christopher Sower, Jennifer Price and Maggie Collins has joined Colliers International. The team comes over from Boston Realty Advisors with a track record that includes over $5B in multifamily sales, and will focus on driving multifamily investment sales for Colliers.
The Boston Redevelopment Authority gave the green light to several projects at its February meeting, including Equity Residential’s $350M Garden Garage Project, a 44-story tower that will span 536k SF and include 470 units. Also approved was a 130-unit residential project from Eden Properties at 89 Brighton Ave in Allston.
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Related Beal broke ground on a mixed-use development in Bullfinch Triangle known as Parcel 1B, a transit-oriented development that will include 239 residential units and a 220-room Courtyard Marriott.
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