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Properties
One Bowdoin Square
Boston, MA
Overview
Brickman purchased One Bowdoin Square in October of 2006. The 11-story asset was originally constructed in 1972 but was expanded and completely redesigned in 1989 by Graham Gund. The property was 91% leased at closing with the largest tenants being the GSA and Mass General. Mass General is located two blocks from One Bowdoin Square and is experiencing significant growth. Brickman is optimistic that Mass General will lease the only remaining floor at the property. In addition, One Bowdoin Square is adjacent to many of the City and State courthouses. As such, the property has attracted multiple law firms.One Bowdoin Square is located in Boston's Financial District. The Class A vacancy rate continues to decrease and is currently 10%, resulting in a material increase in rental rates. There is no new supply scheduled for delivery in Downtown Boston until 2009. As such, Brickman is confident that rental rates will continue to increase benefiting One Bowdoin Square. Description
One Bowdoin Square is a 132,808±SF Class A office building. The property's architecture is quite distinct and it receives strong praise from the local real estate community. One Bowdoin Square also contains 28 underground parking spaces with direct elevator access to tenant floors.
Results
One Bowdoin Square is 79% leased to credit tenants and stands to benefit from the growing demands that Massachusetts General Hospital is requiring due to a lack of space at their own sites.
Property Type
Office
Acquisition Date
10/06
Square Feet Acquired
132,808±SF |