News: Front Section
Posted: February 13, 2014
GLL Real Estate Partners sells One Winthrop Square for $36 million to DivcoWest
Cushman & Wakefield completed the sale of One Winthrop Sq. to DivcoWest for $36 million. The Cushman & Wakefield team, led by president Robert Griffin, vice chairman Edward Maher and executive director Matt Pullen, oversaw the transaction of the 95% occupied property on behalf of GLL Real Estate Partners.
Constructed circa 1873, One Winthrop Sq. is one of the city's rare "Jewel Box" properties and has been maintained and renovated to provide all the luxuries and amenities of the 21st century. The five-story, 114,257 s/f asset is further highlighted by an accompanying half-acre park that offers a green space rarely found in the neighborhood.
"With only five buildings in the city classified as Jewel Box properties, One Winthrop Sq. has proven over time to be a highly attractive address for a host of institutional and boutique tenants alike," said Maher.
With the acquisition of One Winthrop Sq., DivcoWest has not only added a property to its portfolio, but the property also has notable near-term upside potential. At mid-year 2013, asking rent on direct space in the city's Financial District remained very strong at $31.91 per s/f. With little to no new supply coupled with demand for class B office space, current office rents for Jewel Box buildings are expected to rise rapidly.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
