Downtown Boston Property at 399 Washington Street Sells for $63 Million
TL;DR
Joint venture purchase of 399 Washington St. by Hudson Group and Assembly Investments brings strategic advantage in vital district.
Boston Realty Advisors facilitated the sale of the 76,000 sq ft property to a joint venture, showcasing market expertise and unwavering commitment to success.
Acquisition of 399 Washington St. offers the opportunity to revitalize and restore prominence in downtown, contributing to the future of the vibrant city.
Evan Papanastasiou's personal connection to the property adds a unique touch, reflecting a deep meaning and excitement for the asset's future.
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Boston Realty Advisors successfully brokered the sale of the five-story property at 399 Washington Street, a vacant downtown Boston building with approximately 76,000 square feet of retail and office space. The all-cash transaction involved a bank lender selling the property to a joint venture between Hudson Group and Assembly Investments.
The property, originally purchased for $63 million in 2017, underwent significant renovations totaling between $7 million and $10 million in 2021, including LEED-certified base building systems. Despite these improvements, the building remained unoccupied since the closure of its first-floor Barnes & Noble tenant in 2006.
The sale represents more than a simple real estate transaction, signaling potential revitalization in Boston's downtown district. Noam Ron of Hudson Group expressed optimism about downtown Boston's future, citing the city's commitment to large-scale development and historic preservation, as well as streetscape improvements by the Downtown Boston Alliance.
The property's strategic location offers exceptional transit accessibility, situated near Park Street and Downtown Crossing MBTA stations with Green, Orange, and Red Line connections. Designed by noted Bostonian architect Nathaniel J. Bradlee, the building features a modernized two-story facade and restored stone-fronted architecture.
Whitney Gallivan and Nicholas M. Herz from Boston Realty Advisors, who represented the seller, highlighted the transaction's success in exceeding pricing expectations and delivering results for their client.
The acquisition holds personal significance for Evan Papanastasiou of Assembly Investments, who previously brokered the property's 2017 sale. Papanastasiou expressed excitement about restoring the property's prominence in the Downtown Crossing retail and office market.
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