Universal-Investment-Gesellschaft MbH Acquires Property From Rockpoint Group For $86.85M In Boston

The property asset involved in this transaction is located at 33 Wormwood St, Boston, MA, 02210. It is a 157,000-square-foot office and retail building known as Tower Point, which was acquired for a price of $86,850,000. The property is situated in the Boston market, specifically within the Upper Seaport District.

Summary of transaction details:

• Property Type: Office and Retail
• Transaction Amount: $86,850,000
• Buyer: Universal-Investment-Gesellschaft mbH
• Seller: Rockpoint Group
• Seller's Representative: Matthew (Matt) Pullen, Edward Maher - Newmark
• Broker: Geoff Howell, John Cusack - DLA Piper
• Notable tenants include: Rethink Robotics, NPR, Healthways, Zerto, and Owner IQ
• Property built in 1900 and converted for office use in 1988
• Current occupancy: Fully leased

The deal was facilitated by DLA Piper, which represented the buyer, Universal-Investment-Gesellschaft mbH. The acquisition marks the fund's first investment in the United States. The property was previously owned by Rockpoint Group, which had acquired it from The Davis Cos. for $62.1 million in October 2015. Northwood Investors advised the buyer, and Newmark Knight Frank's Boston-based debt team managed the financing for the transaction, also retaining exclusive leasing and management rights for the property.