After a 2-year ownership period, Invesco Real Estate has sold 226 Causeway St. in the emerging North Station class A office cluster to Rockpoint Group for $107 million.

TripAdvisor anchors the 186,868-square-foot office building, which also houses the front offices of the Boston Celtics.

MetLife provided $60 million in mortgage financing for last week’s transaction. Invesco paid $91.7 million for the property in May 2016.

Boston-based Intercontinental Real Estate Corp. expanded and redeveloped the former Stop & Shop Supermarket Co. bakery in 2002, converting the second through sixth floors into office space and building 108 luxury condos known as The Strada 234 in a six-story addition. TripAdvisor’s subsidiaries Smarter Travel and FlipKey leased 72,000 square feet of office space in 2013.

The Hub on Causeway, a 1.9-million-square-foot development by Boston Properties and Delaware North Cos., has raised the North Station submarket’s profile as a transit-oriented job cluster.

Verizon leased 439,000 square feet in the 651,000 square foot office tower now beginning construction, following online security firm Rapid7’s lease of 157,000 square feet in the office podium building.

Rents in the 3.2-million-square-foot North Station office submarket average $39.59 per square foot, according to Boston-based Perry Brokerage research, with a vacancy rate of 3.4 percent.

Newmark Knight Frank’s Boston-based capital markets team represented Invesco in last week’s transaction.

Developer Pays $107M for Home of the Boston Celtics

by Steve Adams time to read: 1 min