[[{“value”:”
**DivcoWest Acquires 399 Boylston Street in $125M Deal**
DivcoWest, a DivCore Capital company, has acquired 399 Boylston Street, a 245,000-square-foot Class A office building located in Boston’s prestigious Back Bay neighborhood. The sale, valued at $125 million, was arranged by Newmark. The property is currently more than 90% leased.
Michael Falvey, Senior Director and Head of Boston Acquisitions at DivcoWest, commented on the acquisition, stating, “We believe Boston continues to be one of the most resilient and desirable office markets in the country. 399 Boylston Street exemplifies the type of high-quality, well-located assets we seek — properties that deliver a best-in-class tenant experience in markets with enduring fundamentals. We see tremendous long-term value in this investment and in the continued vibrancy of the Back Bay and the city of Boston.”
Newmark’s U.S. Capital Markets Co-Head Robert Griffin led the sales team, which included Boston Capital Markets Executive Vice Chairman Edward Maher, Vice Chairman Matthew Pullen, Executive Managing Director James Tribble, Senior Managing Director Samantha Hallowell, and Associate Director William Sleeper. The team represented the seller, BRE Boylston Owner LLC — a Blackstone affiliate that acquired the property for $117 million in 2015 — and also procured the buyer.
Acquisition financing for DivcoWest was secured by Newmark’s Boston Debt & Structured Finance group, including Vice Chairman David Douvadjian, Sr., Executive Managing Director Timothy O’Donnell, Senior Managing Director David Douvadjian, Jr., and Associate Directors Bobby Alvarado and Conor Reenstierna.
The transaction underscores continued investor confidence in Boston’s office market — particularly in iconic neighborhoods like Back Bay, which boasts a strong tenant base, stable market fundamentals, and access to public transportation and amenities.
“}]]
