Hong Kong real estate investor Nan Fung has made its first acquisition in Boston just months after establishing a new U.S. office to pursue life science properties, resulting in a quick windfall for the previous owner of 13 months.

Brookfield Properties sold 51 Sleeper St. in Fort Point to Nan Fung on Friday for $115 million, after acquiring the 152,000-square-foot office building in December 2018 for $91 million.

The price of the latest transaction equates to $757 per square foot.

In November, Nan Fung Group announced that it had hired former JLL Boston executive Matthew Powers as CEO of its new Boston-based Nan Fung Life Sciences Real Estate subsidiary to expand its U.S. life science portfolio in “innovation-driven” markets. Powers previously was a real estate executive for life science companies including Merck Millipore and Genzyme.

The Sleeper Street property was 71 percent leased at the time of Brookfield’s acquisition, with tenants that include Massachusetts Department of Early Education and Care’s main office and ground-floor retail tenant Hopsters craft brewing.

Hong Kong Investor Makes $115M Boston Acquisition

by Steve Adams time to read: 1 min
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