Bromfield Street in Downtown Crossing sold for $10.8
million.
An eight story building in Bostons bustling Downtown Crossing
neighborhood has just been sold for $10.8 Million. Specifically
located at 44 Bromfield Street, the closed deal was purchased by a
division of Thibeault Development out of Everett,
Massachusetts.
The closing of this building marks yet another
significant commercial real estate transaction for the Hub. Not
only have there been other successful closings of office buildings
in the city as of late, there are also countless new projects
currently in the pipeline to being built, especially within the
growing Seaport District.
The 42,053 square foot Beaux-Arts style office
building offers superb office and retail space in a highly active
area of the city. Its now former owner was King Bromfield LLC,
based out of Waltham, Massachusetts. Back in 2006, this firm
purchased the property for $9.6 Million when the commercial market
was in quite the prosperous state. Now, given the massive
improvements in the real estate market in all segments, it is
certainly an optimistic realization achieving an even better sales
price in this booming market.
This does not mark the only property Thibeault
Development has purchased in Downtown Boston. The
firm also recently bought the Liberty Tree Building at 630
Washington Street for $8.1 Million and 103 Arch Street for $2.2
Million.
Average office space rents in a building like 44 Bromfield
Street is about $25/square foot. Built in 1913, all eight floors of
the property have been 100% leased besides a small retail space on
the ground floor, once again displaying a perfect snapshot of the
high level of demand for commercial space that exists in todays
Boston real estate marketplace.
More Information: Boston Business
Journal