| A 12-story office building near Boston’s Government Center has sold for $77.5 million.
Private equity fund DLJ Real Estate Capital Partners of New York acquired the 12-story office and retail building from Equus Capital of Yardley, Pennsylvania. Equus acquired the 202,000-square-foot structure at 18 Tremont St. in 2007 for $49.5 million.
The downtown location, accessibility to public transit and plans for nearby redevelopment activity have attracted recent investors for older office buildings in the neighborhood.
Boston-based Paradigm Properties acquired 101 Tremont St. in 2013 for $9.7 million and renovated the 10-story office building, with new tenants leasing space in the low $40-per-square-foot range. The city of Boston has invited firms to submit ideas to activate City Hall Plaza and bring more street life to the 7-acre expanse. New York-based Shorenstein Properties received city approval this month to begin a $25 million update to the 717,128-square-foot Center Plaza office building on Cambridge Street.
DLJ Real Estate Partners invests in commercial and residential properties in coastal urban markets on behalf of institutional investors. In 2014, it acquired three properties on Beacon Hill for $23.6 million in a partnership with Sea-Dar Real Estate and CNW Capital Partners LLC of Boston.
