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Seaport Center Sells for $115 Million

Shorenstein Properties closes $115M Seaport Center buy

By Greg Turner  |  http://www.bostonherald.com

Boston Herald - Seaport Center at 451 D St. Boston MA

Boston Herald - Seaport Center at 451 D St. Boston MA

Photo by Stuart Cahill (File)

San Francisco’s Shorenstein Properties said today it has finalized its $115 million purchase of Seaport Center, a nine-story office building on the South Boston waterfront.

The Beal Cos. and Rockpoint Group unloaded 70 Fargo St. about six years after buying the century-old building (also known as 451 D St.) near the convention center.

The Herald first reported the deal was in the works last month.

Shorenstein did not disclose financial terms, but a document filed today with the Suffolk Registry of Deeds shows the sale price was $115 million.

“This asset affords us the opportunity to add value to a building with modern infrastructure, great views and flexible floor plates in a rapidly transforming neighborhood growing in its appeal to a wide range of Boston office users,” said Douglas Shorenstein, chairman and CEO of Shorenstein Properties, in a statement.

The deal comes nearly four months after the Herald relocated from the South End to the 460,000-square-foot Seaport Center, joining tenants such as JP Morgan Chase, Monster and Verizon and boosting the building’s occupancy rate to nearly 90 percent.

Beal and Rockpoint bought the 460,000-square-foot property in 2006 for about $41 million after the previous owner was forced to hand back the property to its lender.

The price was a relative bargain given the technological upgrades that were made in the late 1990s to the former Fargo Building, built as a wool warehouse in 1909.

Beal and Rockpoint poured more money into renovations, and the largely empty address gained ground in 2008 when JP Morgan signed a lease with help from tax breaks.

Shorenstein, a national real estate investor, also owns 399 Boylston St., a Back Bay office building, acquired in 2007.

Article URL: http://www.bostonherald.com/business/real_estate/view.bg?articleid=1061132544

By Greg Turner  |  http://www.bostonherald.com

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