The 950,000-square-foot Landmark Center in Boston has been sold for $530.5 million to a joint venture between JP Morgan Investment Management Inc. and Samuels & Assoc.
The office and retail development, located in Boston’s Fenway neighborhood, consists of office and retail space, a cinema, health club and day care, according to a statement. Landmark Center also contains 1,790 parking spaces.
"We have had great success with Landmark Center, turning the once vacant Sears building into a vibrant center for the community and city of Boston," said Bob Epstein, chairman and CEO of Boston-based The Abbey Group, the development’s seller. "We look forward to seeing this property continue to thrive under new ownership."
Cushman & Wakefield’s Robert E. Griffin Jr., Edward C. Maher Jr. and Frank J. Nelson represented the seller in the transaction and procured the buyer.
"Boston has certainly returned to the top of institutional investors’ wish list as evidenced by this sale and that of the John Hancock Tower just one month ago," said Maher, executive director of Cushman & Wakefield’s Capital Markets Group.
Landmark Center is 98 percent leased, with tenants that include Blue Cross Blue Shield, Harvard School of Public Health, Harvard Medical School, Regal Entertainment Group, Bed Bath & Beyond and Best Buy. An expansion of 337,000 square feet, known as Landmark Center North, is planned for the development, according to a statement.
