Updated Oct 29, 2024
Manulife Investment Management Sells Boston Property To Brickman For $128 Million
541 Boylston St, Boston, MA, 02116
$128,000,000
$693/SF
Building Size
184,643 SF
Asset Type
Office
Closing
Nov 19, 2023
About this deal
AI
This article discusses the sale of an office building located at 541 Boylston St, Boston, MA, 02116. The property, which spans 184,643 square feet, was sold for $128,000,000. At the time of the sale, it was 98 percent leased to 38 tenants and offered access to Copley Square and the Raffles Hotel & Residences project currently in development.
Summary of transaction details:
- Property Type: Office Building
- Transaction Amount: $128,000,000
- Address: 541 Boylston St, Boston, MA, 02116
- Market: Boston
- Seller: Manulife Investment Management
- Buyer: Brickman
- Seller's Representatives: Matthew (Matt) Pullen, Edward Maher - Newmark
The transaction was facilitated by Newmark Knight Frank, with Edward Maher, Matthew Pullen, James Tribble, and Samantha Hallowell representing the seller, Manulife Investment Management. A joint venture between Bahrain-based Investcorp and New York-based Brickman acted as the buyer for the property.
Players
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Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93