Photo courtesy of Newmark
A downtown Boston office building occupied by state agencies and Massachusetts General Hospital divisions traded for a 55 percent discount from its previous sale in 2016.
A partnership of Tritower Financial Group and Live Oak Real Estate Investments paid $28 million for One Bowdoin Place.
The purchase price equates to $197 per square foot.
The seller, New York Life, paid $61.8 million for the property in 2016, according to a Suffolk County deed.
The 11-story, 141,831 square-foot building was completed in 1972. Topped with a flared cornice and pyramidal roof, it includes a 4-story addition and renovation project in 1989 designed by architect Graham Gund, who died in June.
“This acquisition reflects our longstanding commitment to identifying high-quality assets in supply-constrained urban markets. One Bowdoin Square’s premier location, durable tenancy and architectural distinction align with our investment philosophy focused on long-term value creation and capital preservation,” Tritower Financial Group Partner Tod Brainard said in a statement.
Bank of New England provided $20.7 million in financing for last week’s transaction, according to a Suffolk County mortgage.
Newmark represented the seller. The property represents the highest-quality office building for small and mid-sized tenants seeking proximity to Government Center and Massachusetts General Hospital, Newmark Senior Managing Director Samantha Hallowell said in a statement.
