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A Boston developer was the high bidder for a downtown office building that sold for a 62 percent discount on its 2019 transaction.
Following a foreclosure auction last month, Chevron Partners closed on the $19 million acquisition of 99 Bedford St. Dec. 8.
The 98,000 square-foot building sold for $50.25 million in November 2019 to an affiliate of Credit Suisse, in a transaction that valued the property at nearly $513 per square foot.
Chevron Partners partnered with Capital Hall Partners on the acquisition, the Boston Business Journal reported. The new owners plan lobby renovations and additional tenant amenities, along with a 9,600 spec office suite scheduled for completion in 2026.
A leasing brochure lists office suites ranging from 4,000 to 18,000 square feet available.
The property is assessed at $22.4 million.
Chevron Partners’ downtown office portfolio includes the Sears Crescent building that faces Boston City Hall Plaza, 10 Winthrop Square, the The Wesleyan on Copley at 581 Boylston St., 260 Newbury St. and 727 Massachusetts Ave. in Cambridge.
