Clarion Partners has purchased a 13-story office asset in Boston from Invesco Real Estate for $54.4 million.
Dallas-based Invesco purchased the 87-year-old property for $50.3 million in 2007.
When Invesco bought it, the 157,563-square-foot building was 93 percent leased, according to reports from The Boston Globe at the time. Now, however, the building is 89 percent occupied.
Invesco chose to sell as the investment market for office buildings in Boston has heated up, with rents continuing to rise. Blackstone Group has started marketing the 165,000-square-foot Riverview Center at 245 First St. in Cambridge, according to real estate executives. While one real estate insider said it is too early to tell what price the property will command, some reports have put the ballpark figure at $200 million.
Blackstone will also start marketing for sale a downtown office property known as Center Plaza, a 726,000-square-foot crescent-shaped office property along Boston’s Tremont Street across from City Hall. Pricing for the building could target about $350 million, according to industry experts.
In addition, 51 Sleeper St. in Boston’s Seaport will likely be for sale in the coming months. DivCoWest purchased the 150,000-square-foot building last November, which was constructed in 1929 and renovated in 2004. Real estate sources say the building will likely sell for between $350 and $375 a square-foot, or between $52.5 and $56.25 million.
Want to learn more about Boston’s investment sales activity? Read analysis of the market in Banker & Tradesman this Monday.