Pembroke Acquires Office Building On 245 Summer Street In Financial District For $728.5M
SOLD
$728,500,000
Massachusetts
See Similar DealsOffice860,000 SF
Sold 04/08/2020
SOLD
Pembroke Acquires Office Building On 245 Summer Street In Financial District For $728.5M
245 Summer St, Boston, MA 02205, USA
See Similar DealsOffice860,000 SF
Sold 04/08/2020
Summary
MASSACHUSETTS
Asset Type:Office
Price Per Square Foot:$847
Total Square Footage:860,000 SF
Transaction Type:Sale
The property involved in this transaction is an office located at 245 Summer Street in the Financial District. The sale took place on 04/08/2020.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $728,500,000
- Square footage: 860,000
- Price per square foot: $847
- Address: 245 Summer Street
- Market: Financial District
The seller of the property was Benderson Development Company, represented by Randy Benderson. The buyer was Pembroke, represented by Edward Johnson & Jack Clark.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$38,853,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,588,206.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,453,461.66
Annual Debt Service$41,441,539.96
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