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A joint venture of investment firm Brickman and Bahrain-based Investcorp has acquired a two-building, 185K SF office complex in Back Bay’s Copley Square for nearly $30M above its last sale price.
The investment JV acquired 535-545 Boylston St. last week from Manulife Investment Management for $128M. Manulife, previously operating as John Hancock Real Estate, bought the two-building property in 2016 for $100.5M, according to Suffolk County land records.
Newmark Knight Frank’s capital markets team of Robert Griffin, Edward Maher, Matthew Pullen, James Tribble and Samantha Hallowell, as well as leasing brokers Jim Brady and Jason Cameron, brokered the deal.
The two buildings are 94% leased, according to NKF, to a 38-tenant roster that includes G2 Capital Advisors and Standish Management. Manulife also invested $5M in common area upgrades and other building improvements prior to the sale.
“535-545 Boylston St. features a highly coveted corner location in the exclusive Back Bay, where such offerings are scarce,” Maher said in a statement. “In addition to its proximity to local icons such as Copley Square, the Trinity Church and Newbury Street, the asset is just two blocks from what will be the ultra-luxury Raffles Hotel & Residences’ first location in North America."
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