European Investor Pays $30M For Vacant Boston Office Building

A European investment firm acquired a vacant waterfront office property that was once home to law firm Goulston & Storrs.

An affiliate of Luxembourg-based JAJ Investment Group acquired the 100K SF 400 Atlantic Ave. for $30M from UBS, according to public land records. That price tag was $20M less than what UBS paid for it in 2014.

JAJ and UBS didn't respond to Bisnow's requests for comment.

JAJ focuses its real estate investment primarily in the office and hotel sectors out of Luxembourg, France, Portugal and the United States. CBRE marketed the property for the seller. 

“After an extremely competitive process for Credit Suisse/UBS which produced more than 30 bids on this iconic Boston waterfront asset, we are thrilled to see the next chapter with JAJ Investments,” CBRE Vice Chairman Scott Dragos said in a statement to Bisnow.  

JAJ Head of U.S. Investment Agathe Chahine told the Boston Business Journal that while she couldn't share details on the firm's plans for the property, it is unlikely it will stay an office building due to the distress in the Boston market.

This is the first acquisition the firm has made in Boston, and there was no debt associated with the sale, the BBJ reported.

The office building fell on hard times after anchor tenant Goulston announced in April 2023 it would vacate the property and relocate its 350 employees to 104K SF at the One Post Office Square building in the Financial District. The law firm made the move in the spring, leaving the Atlantic Avenue property, which it occupied since 1985, completely vacant.

The property drew interest from Synergy CEO David Greaney, who had registered LLCs tied to the property, the Boston Business Journal reported in March. Greaney, one of the city's most active office investors over the last two years, confirmed to Bisnow in June that he had looked at acquiring the building, but a deal fell through.