Case Study / One Bowdoin Square
Core/Value-Added - Boston, MA
Purchase price: $41.0MM
Property type: Office
Investment type: Equity
Size: 133,353 SF
Year built/renovated: N/A
Investment date: Oct 2006
Exit date: N/A
One Bowdoin Square is an eleven story, Class A office building situated within the Government Center section of Boston’s Financial District.
The Property was purchased for $40.7 million from HN Gorin in October 2006.
Built in 1972 as a seven story building, the asset was extensively renovated in 1989 by Graham Gund, including the addition of four floors. It is now considered to be one of Boston’s premier "jewel box" buildings.
The Property contains 137,232 rentable square feet and is currently 100% leased to creditworthy tenants such as Massachusetts General Hospital ("Mass General") and the Social Security Administration, a GSA tenant.
Brickman was attracted to One Bowdoin Square due to the quality of the building, the creditworthy tenant base, and its location between Mass General as well as several municipal buildings.
At acquisition, Mass General was growing rapidly and its space requirements continued to benefit One Bowdoin Square. Currently, the hospital leases 32% of the property, with most of the leases expiring in 2019; however, they continue to expand at the building.
The GSA, which leases 27% of he Property through 2012, is attracted to One Bowdoin Square due to its close proximity to the Federal and State courts.
Brickman believes that continued growth by the Hospital and the GSA will ensure future demand at One Bowdoin Square.