Downtown Crossing Building Trades For Twice The Last Price
Dedham-based Bay Management Corp acquired 33-41 West St, a Class-B office in Downtown Crossing one block off the Boston Common, for $16M.
That's more than double what the seller, Watertown-based SMC Management, paid in '08 when it bought the 41k SF property for $7.2M. The new owner of the property plans to keep it as an office building for the foreseeable future, reports the Boston Business Journal, rather than undertake a conversion into residential space.
A number of residential projects are going on in the vicinity, such as Millennium Tower, along with office renovations such as Lafayette City Center.
And the demand for luxury is there, as the penthouse at Millennium Tower traded earlier this year. The 13k SF condo on the 60th floor was originally listed at $37.5M, according to the Boston Globe. [BBJ] [Globe]
