Photo courtesy of Google Maps
A vacant Boston office building that was formerly occupied by law firm Goulston & Storrs was acquired for $30 million, a 40 percent discount from its last sale in 2014.
The 400 Atlantic Ave. building totals 103,212 square feet. The purchase price equates to $291 per square foot.
CBRE had marketed the property for the seller, UBS Realty Investors.
Goulston & Storrs relocated its 350 local employees this spring to 100,000 square feet at One Post Office Square in the Financial District.
The buyer, BA400 LLC, is managed by Agathe Chahine, head of U.S. investment at JAJ Investment Group. The firm invests in hotel and office properties in the U.S., Luxembourg, France and Portugal, according to its web site.
Office investment sales volume and pricing in Greater Boston has steadily declined since 2021, reflecting declining occupancy and higher interest rates.
Just nine properties traded during the second quarter, according to brokerage Avison Young, compared with 43 transactions in the fourth quarter of 2021.
Prices per square foot peaked at $400 in early 2023, but fell to $189 in the second quarter, Avison Young reported. Investment sales volume totaled $135 million in the second quarter.
