BOSTON – NGKF Capital Markets has completed the sale of Center Plaza in Boston to Synergy Investments and GreenOak for $365 million. The NGKF Capital Markets Boston team led by U.S. Head of Capital Markets Robert Griffin, Vice Chairman Edward Maher, Executive Managing Director Matthew Pullen and Director James Tribble oversaw the transaction of the distinctive 741,200-square-foot urban mixed-use asset and associated 575-space below-grade parking garage on behalf of a real estate investment fund sponsored by Shorenstein Properties LLC.
Comprising three interconnected buildings, Center Plaza is highlighted by a pedestrian-friendly street-level retail arcade with nearly 875 feet of frontage along bustling Cambridge Street. Presently, the asset is approximately 60 percent leased to a diverse 31-tenant roster.
“Center Plaza represents one of Boston’s largest mixed-use complexes, offering critical mass and a commanding presence in the heart of the city,” said Maher. “Additionally, it features one of the most profitable parking garages in the city, solidifying its status as a generational investment with substantial upside.”
By virtue of its strategic positioning, Center Plaza benefits from the newly-renovated MBTA Government Center station and recently-reactivated City Hall Plaza, both of which are located directly at its doorstep. The asset is further surrounded by prominent local institutions including Boston City Hall, the John F. Kennedy Federal Building and Suffolk University.