DivcoWest, a DivCore Capital company, said Wednesday it had acquired 399 Boylston St., a 245,000-square-foot, Class A office building in Boston’s Back Bay. Separately, Newmark said it arranged the $125-million sale of the property, which is more than 90% leased.
“We believe Boston continues to be one of the most resilient and desirable office markets in the country,” said Michael Falvey, senior director and head of Boston acquisitions at DivcoWest. “399 Boylston St. exemplifies the type of high-quality, well-located assets we seek, properties that deliver a best-in-class tenant experience in markets with enduring fundamentals. We see tremendous long-term value in this investment and in the continued vibrancy of the Back Bay and the city of Boston.”
Newmark co-head of U.S. Capital Markets Robert Griffin, along with Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, senior managing director Samantha Hallowell and associate director William Sleeper, represented the seller, BRE Boylston Owner LLC, a Blackstone affiliate that paid $117 million for the 13-story property in 2015. The team also procured the buyer.
Acquisition financing on behalf of DivcoWest was arranged by Newmark Boston Debt & Structured Finance vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian, Jr. and associate directors Bobby Alvarado and Conor Reenstierna.
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