BPG Properties has paid $49.5 million for a 12-story building in Boston’s financial district, according to an announcement this week.

The property, located at 18 Tremont St. and sold by Meritage Properties, comprises 189,638 square feet of commercial office and retail space and 12,395 square feet of basement space.

Since 1999 the asset has benefited from nearly $10 million in upgrades to include façade improvements, common-area upgrades, new mechanical systems, new retail store fronts and renovated tenant spaces. During Meritage’s hold, it implemented a tenant-focused management strategy that included adding a bike room and installing men’s and women’s locker rooms with showers.

At the time of sale, the building was 87 percent leased.

According to a press statement, Meritage had paid $37.5 million for the building in the spring of 2005.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Thank you for subscribing to Morning Headlines.
Back to top
Time is running out to secure your Connect Now tickets at the lowest price. Don't miss out on a chance to grow yourself and your business.Learn More×
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription