Photo courtesy of Newmark
A Back Bay property was acquired for $99.5 million in the neighborhood’s biggest-ticket office sale since 2020.
The buyer, 855 Boylston Inc., is a foreign corporation managed by Sheikh Khaled Thani A.T. Al-Thani, the chairman of Qatar-based Ezdan Holding Group. The seller is RREEF America, a Chicago-based real estate investor and owners since 2020.
The purchase price equates to $697 per square foot.
The 11-story, 142,765-square-foot building was originally completed in 1985 and is 100 percent leased to 13 tenants, according to Newmark which represented the seller and procured the buyer.
“855 Boylston Street is part of an exclusive competitive set that consistently outperforms the overall Back Bay submarket,” Newmark Senior Managing Director Samantha Hallowell said in a statement.
According to a recent report by brokerage CBRE, the 15.6 million-square-foot Back Bay office submarket had a 12.1 percent vacancy rate and 16.1 percent availability rate at the end of the third quarter.
