A joint venture that specializes in acquisitions of historic properties has a new asset in the Sears Crescent building, a 50,000-square-foot office and retail building overlooking Boston City Hall Plaza.

Chevron Partners of Boston and Paris-based investment firm Fulton acquired the 50,000-square-foot office and retail building from Copley Investments last week for $23.8 million. It’s the venture’s third acquisition in Boston, along with the 10 Winthrop Square office building and the seven-unit Maison Vernon luxury condo building on Beacon Hill.

Named after 19th-century developer and lawmaker David Sears, the Italianate structure built in 1816 escaped the wrecking balls that leveled much of the surrounding neighborhood in the 1960s to make way for the Government Center and Center Plaza urban renewal projects.

Chevron invests in higher-end class B office and residential properties, Founding Partner Marcel Safar said. The property is 100 percent leased and the largest office tenants are the Massachusetts Health Connector and Lubin & Meyer PC.

“We strive for a mixture of modern, sophisticated office and residential products within a classic envelope, which is perfect for this asset,” Safar said.

The Government Center neighborhood is on track for billions in private investment and public infrastructure updates, including the recent reopening of the MBTA station following a two-year, $88 million renovation.

Boston-based HYM Investment Group plans to break ground on a 45-story apartment tower this year in the first phase of One Congress, its redevelopment of the Government Center garage property.

Mayor Martin Walsh recently selected a subsidiary of Delaware North Cos. to invigorate the often-barren City Hall Plaza with new attractions including an ice skating path, urban beach, restaurant and Ferris wheel.

And Shorenstein Properties received Boston Redevelopment Authority approval for a $25 million renovation of the 717,128-square-foot Center Plaza office and retail complex.

“The convergence of public and private investment was important to us,” Safar said.

Hingham Institution for Savings furnished a $15.2 million mortgage for the acquisition. Newmark Grubb Knight Frank’s Robert Griffin, Edward Maher, Matt Pullen and Justin Smith represented Copley Investments in the transaction.

Copley Investments acquired the property in 1996 for $4.25 million.