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News: Front Section
Posted: July 25, 2013
Nordblom Company sells 179,872 s/f 50 Congress Street to KBS Capital Advisors
Nordblom Company has sold 50 Congress St., a 179,872 s/f landmark office building in the financial district, to KBS Capital Advisors.
"For more than 60 years Nordblom Co. has been affiliated with 50 Congress St. through ownership and management of the property. It is a gem of a building and while the sale is the end of our long association with the property it is another new beginning for the Nordblom Co. We are particularly delighted with the community of companies within the building and pleased to be selling the property to such a quality operator," said Peter Nordblom, president of Nordblom Co.
On behalf of Nordblom, HFF marketed the property and arranged the $51 million sale to KBS Capital.
"A substantial portion of the sale proceeds will be going to a charitable foundation. The funding of the foundation is the result of several generations' efforts and the estate planning by Rodger Nordblom, who wanted the family to continue a legacy of contribution to the community. A professional advisory team will be developing a strategic plan for the foundation to implement this vision," said Peter Nordblom.
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