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Local developers acquired a Fort Point office building that’s attracted tech offices and a popular barbecue restaurant in recent years for nearly $48 million.

The seller, Multi-Employer Property Trust, acquired 343 Congress St. in 2015 for $40 million.

The 128,150 square-foot building is assessed at $48 million, according to Boston assessors’ data. The purchase price equates to over $372 per square foot.

The buyer is Cambridge-based North Colony Asset Management.

“North Colony has been patiently awaiting the right entry point to begin investing in top-notch downtown office assets,” North Colony Partner Brian Antonellis said in a statement.

Newtower Trust Co., the trustee for Bethesda, Maryland-based MEPT, provided $23.9 million in financing, according to a Suffolk County Registry of Deeds mortgage.

The 5-story building includes the local headquarters of pet retailer Chewy and ground-floor space occupied by the Smoke Shop BBQ, a restaurant by chef Andy Husbands.

Chewy expanded its lease to 75,000 square feet in 2020, and added an indoor dog park as a perk to boost in-office employee attendance. 

Brick-and-beam buildings in the Fort Point neighborhood became a popular destination for tech companies in the previous decade, but have declined in occupancy following the shift to hybrid work and a hiatus in the tech sector’s expansion.

The Seaport District’s class B and C office market had a 23.6 percent availability rate in the first quarter, according to CBRE, with average asking rents of $55.85 per square foot.

Newmark represented the seller.