186 Lincoln Street

Boston, MA

Property Overview

Brickman acquired the fee-simple interest in 186 Lincoln for $20.65 million ($301 per square foot) in April 2015. The Property is a 9 story office building totaling 68,526 square feet located in the Leather District micromarket in the South Station submarket of Boston, MA. The Property was built in 1922 and underwent renovations in 1986, 2002, and 2010.

Property type: Office

Investment type: Equity

Size:  68,526 SF

Investment date: April 2015

Investment Thesis

186 Lincoln is located in the South Station Submarket, which benefits from a historically low vacancy rate, limited competitive product, and has become increasingly attractive to new-economy tenants that are being priced out of the traditional TAMI markets of Cambridge and the Seaport District. Located between the Central Business District and the Seaport, average asking rents in the South Station submarket remain at a significant discount compared to these neighboring submarkets, attracting small-to-mid-sized tenants with cost-conscience agendas.

Brickman acquired the Property for $20.65 million ($301 per square foot) representing an attractive cost basis in a highly competitive investment market. Brickman identified the Property as an underperforming asset with significant upside potential, as prior ownership of the Property had been unwilling to make the capital investments that were necessary in order to maximize the performance of the asset and signed leases at rates that were far below as-improved potential rents for the space.


186 Lincoln Street