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Properties
313 and 330 Congress Street
Boston, MA
Overview
313 and 330 Congress Street were purchased in March of 2006. 313 Congress Street contains 70,241 square feet; 330 Congress Street contains 35,765 square feet. These brick and beam buildings were constructed circa 1890 but were completely renovated in 1984. 313 Congress Street is considered to be a "jewel box" asset within the Seaport market. The entranceway is covered by a dramatic archway and the property offers 22 parking spaces, which is rare in the market.
Description
313 and 330 Congress Street were purchased in March of 2006. 313 Congress Street contains 70,241±SF; 330 Congress Street contains 35,765±SF. These brick and beam buildings were constructed circa 1890 but were completely renovated in 1984. 313 Congress Street is considered to be a "jewel box" asset within the Seaport market. The entranceway is covered by a dramatic archway and the property offers 22 parking spaces, which is rare in the market.
Results
313 Congress Street is 92% leased; 330 Congress Street is 100% leased, resulting is a weighted-average occupancy of 94%.
The space availability rate in the Seaport office market is experiencing a significant tightening as a result of both increased demand and conversions. Brickman believes that 313 & 330 Congress are attractive assets that will benefit from the continued growth of the Seaport market. In addition, large national development firms will be deploying significant amount of capital into the region, which will provide an ancillary benefit to existing properties in the Seaport. 313 & 300 Congress have always been well-leased, however, Brickman expects a material increase in rental rates as the Seaport continues to develop.
Property Type
Office
Acquisition Date
3/06
Square Feet Acquired
106,006±SF |