Falcon Advises Kuwaiti Group on Boston Acquisition
Falcon Real Estate Investment Company, LP is pleased to announce that we acted as real estate investment advisor for the purchase of 85 Devonshire Street and 258/262 Washington Street, Boston, Massachusetts.
This property consists of three adjoining and inter-connected office buildings located in downtown Boston. The three buildings have a combined area of 90,918 square feet (8,455 square meters). The property was purchased at a price of $21 million and mortgage financing was provided by Salomon Smith Barney.
Kenneth Lorman, Vice President for acquisitions in Falcon’s New York office, said, “Although Devonshire Street is not a Class A property, we expect that it will have rapidly increasing net income because of the very strong office market in downtown Boston, and the significant up-grades that ownership plans for the building. The location of the property is exceptional, and many tenants will be anxious to take space in this building for that reason, as well as the fact that rents are below those in more prestigious properties. We expect this to be a very successful investment for our client.”
International Trust Limited of London, England acted as co-advisor on this transaction. The purchaser was Gulfinvest International KSC of Kuwait.