Time Equities Inc. (TEI) announced the acquisition of 230 Congress Street in Boston, Massachusetts for $32.5 million. The transaction represents TEI’s third asset in the Boston market and its fifth acquisition in the state.
“Boston is a market we’ve continued to target, and 230 Congress Street is a strong addition to our portfolio which consists of retail at 399 Washington Street and The James, an apartment complex in the suburbs,” said Aaron Medeiros, director of acquisitions and policy at TEI. “It combines ideal location with a stabilized tenancy and a true telecom infrastructure component that will continue to support the building’s long-term value.”
Located in Boston’s Financial District, 230 Congress is a 12-story, 151,163-square-foot Art Deco building constructed in 1931 and designed by architect Ralph Walker. The property sits steps from the Rose Kennedy Greenway and provides immediate access to South Station, offering connectivity to Amtrak, commuter rail and the MBTA Red Line as well as direct access to the Financial and Seaport Districts.
The building is currently 76.8% leased to a mix of telecommunications and office tenants. Supported by 11 on-site fiber providers and seven diverse points of entry, 230 Congress Street functions as one of Boston’s primary telecommunications interconnection assets.
TEI was represented in-house by Medeiros and Keaton Baum. The seller was represented by Midland National Life Insurance Company, in connection with Northwood Investors.
