JLL closes $41M sale of 7 Post Office Square in Boston
The sale represents the first office trade in the Downtown Boston market in the last 18 months
BOSTON, Aug. 30, 2023 – JLL Capital Markets announced today that it has closed the $41 million sale of 7 Post Office Square, a seven-story, 64,246-square-foot office building in the heart of Boston’s Financial District.
JLL represented the seller, Nuveen Real Estate, and identified the buyer, Azora Exan Capital, following a formal marketing process. The sale represents the first office trade in the Boston market since January 2022.
Located at the intersection of Franklin and Congress St, 7 Post Office Square boasts a prime Financial District location fronting Post Office Square. The transit-oriented building is across the street from the Post Office Square Garage and just minutes from South Station, as well as multiple MBTA stations and the commuter ferry. The immediate area surrounding 7 Post Office Square offers an abundance of amenities, including a variety of restaurants and hotels, including the newly updated Langham Hotel, High Street Place and The Exchange at 100 Federal Street.
The boutique commercial property has a prominent corner location allowing for light on four sides of the building and offers floor-to-ceiling windows, efficient floorplates and a highly visible lobby featuring a Fidelity investor center branch. Overall, 7 Post Office Square is 91 percent leased to eight tenants and anchored by Fidelity Investments, who has occupied the building since 1996.
The JLL Capital Markets Investment Sales and Advisory team representing Nuveen was led by Senior Managing Director Chris Angelone, Executive Managing Director Coleman Benedict, Senior Director Scott Carpenter and Associates Scott Tully, Jr. and Brooke Howard and Analyst Rachel Bliss.
The Nuveen team was led by Ines Olesen, Senior Director, US Head of Dispositions for Workplace, Retail and Mixed-Use, and Dave Dyer, Director, for Workplace, Retail and Mixed-Use.
The Azora Exan team was led by Managing Partner Ignacio Gil-Casares and Senior Associate Nicolas Guemes.
“7 Post Office Square was a unique opportunity with value permanence based on its prime location, architecture, and visibility,” Angelone said. “This deal validates investor appetite for differentiated assets in the right location.”
“7 Post Office Square offers exactly what investors are seeking in today’s market: best-in-class product with long term lease and strong tenancy,” added Nuveen’s Olesen.
Gil-Casares remarked, “7 Post Office Square is the perfect example of the opportunity that we see to buy trophy office buildings in prime locations. We want to continue this opportunistic strategy in select markets.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 103,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.