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FoxRock Properties acquired a Quincy office building for $6 million, betting on companies opting for lower-cost workspaces in the suburbs.

The 1200 Crown Colony Drive property previously traded for $43 million in 2018, when Bridge Investment Group acquired the 236,491-square-foot building near the MBTA’s Quincy Adams station.

In a statement, FoxRock owner Rob Hale, who also owns Quincy-based Granite Telecommunications, said the acquisition reflects “an  influx of organizations that are attracted to the value proposition of being based in Quincy, and growing in Quincy.”

The purchase price equates to $25.39 per square foot.

The occupancy rate was not available, but FoxRock said it secured a pair of new leases before this week’s closing. State Street Corp. had leased the entire building in the previous decade.

The developer said it plans to activate the Crown Colony property with concerts and food trucks.

Distressed office buildings in Braintree and Quincy have traded for deep discounts in the past year, as recent investment sales reflect a lower pricing tier amid declining rents and occupancy.

The 400 Crown Colony Drive office building sold for $12.5 million after a foreclosure auction last summer, while auto dealer Daniel Quirk acquired a Braintree office building for $8.7 million, or 49 percent lower than its 2013 price, in October.

At the end of 2023, the south suburban office submarket had a 15.5-percent vacancy rate, according to CBRE data, with average asking rents of $27.16 per square foot.

FoxRock owns a 5 million-square-foot portfolio of commercial properties in Greater Boston.