BOSTON – JLL Capital Markets announced that it has closed the $235 million sale of Riverside Center, a 509,702-square-foot, trophy-quality office building in Newton, Mass.
JLL exclusively represented the seller, Hines, and procured the buyer. Jll did not disclose the name of the buyer.
Riverside Center is one of Boston’s premier transit-oriented assets, boasting high-quality physical infrastructure, flexible floorplates and leading onsite amenities such as structured parking, a newly renovated café and fitness center.
Located at 275 Grove Street, Riverside Center is immediately adjacent to the MBTA’s Riverside Green Line station, which provides connectivity to Boston’s urban core. Additionally, the property has an unparalleled location directly off of the Route 128/Mass Pike interchange providing access to Downtown Boston and the area’s surrounding affluent communities.
JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Matthew Sherry, Kerry Hawkins and Ben Sayles.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.