CBRE Sells 150,000-SF Trophy Retail Asset for $128 Million
Oct 26, 2011 2:54 PM, Staff Reports
Invesco Real Estate Advisors has purchased 350 Washington Street, in downtown Boston, from Real Estate Capital Partners. The property traded hands for $128 million and CB Richard Ellis represented the seller and procured the buyer.
This three-story, core retail asset spans over five city blocks in the heart of Boston's Downtown Crossing shopping district.
Built in 1965, and extensively renovated in 2000, 350 Washington Street is the flagship Boston location of TJ Maxx, Marshalls, H&M and Town Sports International. It draws from a daytime population of over 1 million people living, working and visiting the city. Downtown Crossing is served by over 100 restaurants and nearly 500 retail establishments. The area also offers more than 40,000 public and private parking spaces to the people working within a 10-minute walking distance of the area.
"We are pleased to have represented Real Estate Capital Partners in this transaction,” said CBRE’s Chris Angelone in a prepared statement. “I am certain that Invesco Real Estate Advisors will continue the legacy of success that comes with owning prime retail in one of Boston’s highest traffic retail locations."
The CBRE team of Chris Angelone, executive vice president/partner; Bill Moylan, executive vice president/partner; Jim Koury, executive vice president/partner; Nat Heald, vice president; and Josh Klimkiewicz, vice president, represented the seller, Real Estate Capital Partners, and procured the buyer, Invesco Real Estate Advisors. Additionally, CBRE has been retained as the exclusive leasing agent and property manager for the asset.
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