Class B Boston Office Sells in Residential Conversion Target Area
Newmark recently arranged the sale of 10 Liberty Square & 12 Post Office Square, a Class B office building in Boston. Co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, Senior Managing Director Samantha Hallowell and associate director William Sleeper represented the undisclosed seller.
The team, in collaboration with Boston Multifamily Executive Managing Director Michael Byrne, Senior Managing Director Thomas Greeley, Director Devlin Man and Associate Director Casey Griffin as well as Boston Private Capital Associate Directors Joseph Alvarado and Casey Valente, also procured the buyer, Edge Property. The sale price wasn’t disclosed.
Totaling 49,725 square feet across six stories, 10 Liberty Square & 12 Post Office Square is 53% leased to 10 office and retail tenants. The building is located within the target area of the City of Boston Planning Department’s Downtown Residential Conversion Incentive Program and is well-suited for residential conversion.
“10 Liberty Square & 12 Post Office Square offered an exceptional opportunity to leverage Downtown Boston’s Class B office basis reset,” said Hallowell. “It further presents irreplaceable urban real estate with tangible upside potential.”
