KKR And Synergy Investments Acquire Office Building In Boston For $234.5M
SOLD
$234,500,000
Massachusetts
See Similar DealsOffice235,000 SF
Sold 12/14/2021
SOLD
KKR And Synergy Investments Acquire Office Building In Boston For $234.5M
2 Dry Dock Avenue, Boston, MA 02210
See Similar DealsOffice235,000 SF
Sold 12/14/2021
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$997
Total Square Footage:235,000 SF
Transaction Type:Sale
Located at 2 Drydock Avenue in Boston, MA, this office property was recently sold in a closed transaction. The property spans approximately 235,000 square feet and was sold for a price of $234,500,000, resulting in a price per square foot of $998. The sale took place on December 14, 2021.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $234,500,000
- Address: 2 Drydock Avenue, Boston, MA
- Market: Boston, MA
The buyer of this property is KKR, represented by Daniel Rudin, along with Synergy Investments, represented by Dave Greaney. On the other hand, the seller is Skanska, represented by Russell DeMartino. These key individuals and companies played a significant role in the transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,506,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$833,128.98
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,111,649.64
Annual Debt Service$13,339,795.64
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