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Shorenstein Sells Seaport Center For $170M

Nov 11, 2014 | Reprints | Unlock Link | Print

San Francisco-based Shorenstein Co. has sold the 461,000-square-foot Seaport Center office building in South Boston for $170 million, after acquiring the property for $115 million in May 2012.

The buyer, 451 D St. LLC, is an affiliate of Stamford, Conn.-based GE Asset Management Inc.

Built in 1909, the nine-story building at 451 D St. is surrounded by development activity. The property is next to the The Flats On D, a new 197-unit apartment complex, and is a block away from The Lawn On D, a whimsical new park that opened in August on the grounds of the Boston Convention and Exhibition Center.

The building was 94 percent leased when Shorenstein acquired it and the occupancy rate is currently just under 90 percent. The Boston Herald and JPMorgan Chase & Co. are the largest tenants, according to leasing agent JLL.

Commercial