Banker & Tradesman file photo

The decline in Boston office building valuations is creating opportunities for local developers to acquire class A buildings previously owned by national and institutional investors.

The latest illustration is 226 Causeway St., acquired by Burlington-based R.J. Kelly Co. on Friday for $24 million.

The seller, Boston-based Rockpoint Group, paid $107 million for the 186,868 square-foot office building in 2018, equating to a price of nearly $573 per square foot. The latest transaction values it at $128 per square foot.

The building included such high-profile tenants as TripAdvisor affiliates and the Boston Celtics’ front office at the time of Rockpoint’s acquisition.

The property had previously traded for $91.7 million in 2016, when Dallas-based Invesco acquired it from Spear Street Capital.

Office vacancies in the North Station/Waterfront submarket, which comprises 38 buildings and 3.3 million square feet, sat at 24.7 percent at the end of the second quarter, according to a CBRE report.

The submarket had 10,749 square feet of negative absorption during the quarter, and average asking rents of $51.90 per square foot.