File photo courtesy of Equus Capital Partners

A Downtown Boston office building that traded for nearly $103 million before the pandemic sold this week for $29.5 million to an active investor in the post-pandemic office investment market.

The 12-story office building at 18 Tremont St. was acquired by Boston-based Kendall Capital. Newburyport-based Institution for Savings provided $20.6 million in mortgage financing for this week’s transaction.

The latest purchase price is a 71 percent discount from the previous transaction. Atlanta-based Jamestown acquired the property overlooking Boston Common in 2019.

The purchase price works out to $146 per square foot.

The 202,060-square-foot property is currently assessed at $49 million, down from nearly $71 million in 2024.

In February, Kendall Capital  acquired 133 Federal St. for $15.75 million, or $131 per square foot, in another transaction that illustrates the downturn in class B office pricing. 

The office vacancy rate in the city of Boston is 17.9 percent, including 20.1 percent in the Class B submarket, according to a report released last week by Hunneman.

Editor’s note: This report has been updated to correct that Kendall Capital’s recent office acquisition was 133 Federal St.