Berklee Leases 9,271 Square Feet At 699 Boylston Street In Boston's Back Bay
699 Boylston Street
Building Size
9,271 SF
Asset Type
Mixed-use
Closing
Oct 11, 2024
AI
The property involved in this transaction is a mixed-use asset located at 699 Boylston Street in Boston, MA. This space spans 9,271 square feet and has been leased by Berklee to develop state-of-the-art dance studios, as well as a retail concept featuring smoothies and açaí bowls. The property is situated in Boston’s Back Bay, a notable area known for its vibrancy and commercial activity.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: Not specified
- Square Footage: 9,271
- Address: 699 Boylston Street
- Market: Boston, MA
- Tenant: Berklee
- Brokers: Ted Chryssicas - Newmark & Ellen Fantini Cullinan - Freudenheim Partners
In this deal, Berklee is represented by the brokers Ted Chryssicas from Newmark and Ellen Fantini Cullinan from Freudenheim Partners. This collaboration is set to transform the space to accommodate the institution's needs while introducing a new retail concept to the area.
Players
Boston Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93