The asset involved in this transaction is an office property located at 1 Lincoln Street in Boston, MA. The sale price for this property was $400,000,000. The building features a total area of 1.1 million square feet and has faced challenges retaining tenants, resulting in significant vacancy rates.

Summary of transation details:

• Property Type: Office
• Transaction Amount: $400,000,000
• Buyer: Gregg Lemkau
• Company: MSD Partners
• Previous Owner: Fortis Property Group
• Previous Purchase Price: $889,000,000
• Acquisition Method: Credit bid after foreclosure auction
• Status of Auction: No outside bidders

Gregg Lemkau represented MSD Partners in acquiring the property. The previous owner, Fortis Property Group, had purchased the building in 2006, struggling to maintain occupancy levels over time. The foreclosure auction process led to the credit bid being the sole acquisition method, indicating the property's challenges in the market.