BOSTON, MA – Boston Realty Advisors (BRA) announced that they have been exclusively retained for the sale of 311 Summer Street, an iconic office building located in the vibrant and historic Fort Point neighborhood in Boston, Massachusetts.
The seven-story 57,225 square foot brick-and-beam building, which exemplifies Boston’s historic industrial architecture, underwent a meticulous renovation in 2008 and now boasts high-efficiency, LEED platinum certified interiors. Ideally located at the natural extension of the Financial District, the asset enjoys a dramatic corner street presence commanded by the building’s distinctive yellow brick exterior on Summer Street with an additional level of visibility on A Street. The property is currently 100% leased providing immediate stability to investors.
A credit tenant occupies 87% of the building and accounts for 85% of the income on a lease term that expires in July 2022. There is immediate upside potential to activate the Summer Street frontage to retail and upgrade the A Street storefronts which will be available in 2019.
311 Summer is also uniquely positioned for long-term upside from the continued development of the Innovation District. The impeccably maintained asset is ideally located in the heart of the city’s newest business hub and premier development hotspot. With over 3.7 million square feet of mixed-use development board-approved or under construction, the reinvention of the Seaport is well underway. The rapidly expanding infrastructure combined with infusion of neighborhood amenities is attracting both emerging entrepreneurs and established Fortune 500 companies to the Innovation District.
Boston Realty Advisors’ capital markets team of Jason Weissman, Nick Herz, and Michael D’Hemecourt will be handling the sale process. The offering is for sale on an un-priced basis.