Downtown Boston deal hits $49M

Owner sells after holding asset for 2 years

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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. ...