Qatari Investor Buys Back Bay Office Building For $100M
A Qatari real estate investor has completed the largest office acquisition in the Back Bay since 2020.
The sale of the 11-story building at 855 Boylston St. to an offshore investor was announced by Newmark earlier this month, but the brokerage firm didn't disclose the buyer or price. The deal posted in property records on Monday, showing it sold for $99.5M to an entity linked to Doha, Qatar-based Ezdan Holding Group.
The investor purchased the 147K SF property from Chicago-based RREEF Property Trust, a company under German investment management firm The DWS Group.
Ezdan Holding Group and RREEF didn't respond to Bisnow's requests for comment.
Unlike other recent office deals that have seen steep discounts, the last time the building traded hands was in 2000 for $47.2M, and its loan was refinanced in 2019 for $46.2M.
The 855 Boylston St. building is 100% leased to 13 tenants, including Perch Energy, Industrious, T-Mobile and Bank of America, according to Newmark. The property has an updated lobby and multiple outdoor terraces.
Newmark's Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell represented the seller and procured the buyer. The firm's announcement said it was Back Bay's largest office sale in more than three years, citing MSCI Real Capital Analytics data.
The Qatari investor's real estate arm, Ezdan Real Estate Co., has over 29,000 residential units in its home country, plus hotel and mall properties including Ezdan Hotels, Ezdan Palace and Ezdan Mall, according to its website, which describes it as "one of the Gulf region's largest real estate developers by market capitalization."
