Investcorp and Brickman Joint Venture Acquires Back Bay Building for $128 Million

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BOSTON— Newmark Knight Frank (NKF) announced the completion of the $128 million sale of 535-545 Boylston Street in the Back Bay neighborhood of Boston on behalf of Manulife Investment Management (previously John Hancock Real Estate) to a joint venture between Investcorp and Brickman.

Vice Chairman Edward Maher, Executive Managing Directors Matthew Pullen and James Tribble and Director Samantha Hallowell of NKF’s Boston Capital Markets team – which is led by Co-Head of U.S. Capital Markets Robert Griffin – oversaw the transaction of the office/retail asset in conjunction with NKF Executive Managing Director Jim Brady and Senior Managing Director Jason Cameron.

Totaling 184,643 square feet, 535-545 Boylston Street is presently 94 percent leased to a 38-tenant roster and has recently benefitted from common area upgrades and building improvements totaling nearly $5 million.

“535-545 Boylston Street features a highly coveted corner location in the exclusive Back Bay, where such offerings are scarce,” said Maher. “In addition to its proximity to local icons such as Copley Square, the Trinity Church and Newbury Street, the asset is just two blocks from what will be the ultra-luxury Raffles Hotel & Residences’ first location in North America.”

535-545 Boylston Street is located within walking distance of three transit hubs – Arlington, Back Bay and Copley – that provide service along the MBTA Green and Orange Lines, MBTA commuter rail and Amtrak/Acela regional train. The asset is also easily accessible to Interstate 90 (Massachusetts Turnpike), Interstate 93 and Logan International Airport.