A joint venture between The Praedium Group and Essex River Ventures acquired two office buildings totaling 127,732 square feet in Boston.
The total value of the transactions was $19.6 million.
The two buildings, 186 Lincoln Street and 225 Friend Street, are located near North Station and South Station, which serve as the two major transportation hubs for Boston’s Central Business District area. 186 Lincoln Street, located adjacent to South Station, is a 9-story office building totaling 67,968 square feet. Built in 1904, it was fully renovated in 1986. 225 Friend Street, located adjacent to North Station, is an 8-story office building totaling 59,763 square feet. Built in 1913, it was fully renovated in 1985.
Occupancy at the time of sale was 89 percent.
CB Richard Ellis/Whittier Partners represented the seller, Meridian Investment Management.
Andover, Mass.-based Essex River Ventures LLC is a real estate investment and asset management company.
New York City-based The Praedium Group is a real estate investor focusing on under-performing and under-valued assets throughout North America.
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