Manulife Investment Management Sells Office/Retail Asset to Investcorp and Brickman
Newmark Knight Frank (NKF) announced today the successful completion of the $128 million sale of 535-545 Boylston Street in the Back Bay neighborhood of Boston, Massachusetts 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.
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Newmark Knight Frank, operated by Newmark Group, Inc. (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
