Deutsche Asset & Wealth Management’s (DeAWM) real estate investment business has acquired 281 Summer Street and 321 Summer Street in Boston, Massachusetts, on behalf of one of its clients.
The sale was conducted in an off-market transaction valued at USD94.9 million.
The two building portfolio is in Boston’s Seaport District and totals 243,000 square feet of office and retail space.
Newly renovated, the properties are located in the heart of Boston’s Fort Port Channel neighbourhood.
The submarket continues to attract many of Boston’s premier technology and new economy tenants with its “live-work-play” characteristics and strong transportation linkages.
“We are pleased to add the Summer Street properties to the portfolio as they represent some of the best ‘brick & beam’ office space the Boston market has to offer,” says Todd Henderson, head of real estate, Americas, at Deutsche Asset & Wealth Management. “Due to the high occupancy rate and the long-term tenants in occupancy at the property, the investment is projected to provide consistent, high-quality cash yields going forward.”