33-41 West St. in Downtown Crossing recently traded for $4.1 million, down from the $16 million it fetched just a few years ago. Banker & Tradesman file photo

While velocity of trophy buildings’ investment sales in Boston and Cambridge has slowed in 2016, that hasn’t stopped investors from scouting acquisitions in another category where they see potential for price appreciation: class B office buildings.

The latest example: 33-41 West St. in Downtown Crossing, a fully-leased leased office building recently acquired by a New York developer for $16 million.

At $472 per foot, it’s one of the highest prices paid for a property in the category, said Robert Tito, a principal with NAI Hunneman in Boston.

“They plan on sitting on it and waiting for that area to evolve into the next Seaport,” Tito said.

Built in 1899, the 38,000-square-foot structure was last acquired in 2008 by SMC Management of Watertown for $7.2 million.

Many of the older buildings in neighborhoods such as Downtown Crossing, the Ladder District and Bulfinch Triangle have been under longtime ownership and overlooked as potential investments offering rapid price appreciation. That may change as rents and occupancy rates rise driven by tenants looking for less expensive alternatives to Cambridge, the Seaport and class A tower space.

The buyer, Bay Management Corp. of New York, previously acquired 44 School St., another class B property in Downtown Crossing, for $20 million, and the House of Blues nightclub property on Lansdowne Street, both in 2014. The company also specializes in multifamily properties, offering a potential conversion strategy in neighborhoods where luxury housing and hotels have replaced tired office space.

Average rents for class B space in Boston range from $32 per square foot in the Fenway/Kenmore submarket to $48 in the Seaport, according to research compiled by Liz Berthelette, Research Director at NAI Hunneman.

“In the last couple of quarters, we’ve seen a lot of leasing in the class B market downtown,” Berthelette said. “Given that tenants are consistently looking for value we’ve seen rent growth as they are pushing out into these markets where you can find some deals.”