A San Francisco real estate investor that recently announced plans to buy tech and life science properties has acquired a Fort Point office building for $74.6 million.
GI Partners acquired the property, which includes 110,000 square feet of office space on nine stories, from Zurich Alternative Asset Management. The price equates to $672 per square foot.
In July, GI Partners announced the launch of its open-ended Essential Tech + Science Fund which will focus on acquisitions of life science, R&D and data center properties.
The brick-and-beam building is part of the former Boston Wharf Co. industrial portfolio and was renovated by a previous owner, Boston-based Synergy Investments, between 2012 and 2014, attracting the headquarters of apparel company Life is Good.
Average asking rents in the 12.3 million-square-foot Seaport District office submarket were $61.61 per square foot on a gross basis at the end of the second quarter, according to CBRE’s MarketView report. Availabilities rose to 14.6 percent after 83,000 square feet of negative absorption during the quarter.