CB Richad Ellis's national retail investment group (NRIG) has completed the sale of 350 Washington St. Located in the Downtown Crossing shopping district, 350 Washington St. is the flagship location of TJ Maxx, Marshalls, H&M and Town Sports International.
The CBRE team of Chris Angelone, executive vice president/partner, Bill Moylan, executive vice president/partner, Jim Koury, executive vice president/partner, Nat Heald, vice president, and Josh Klimkiewicz, vice president, represented the seller Real Estate Capital Partners and procured the buyer Invesco Real Estate Advisors. Additionally, CBRE has been retained as the exclusive leasing agent and property manager for the asset. The property traded hands for $128 million.
"We are pleased to have represented Real Estate Capital Ptrs. in this transaction," said Angelone. "I am certain that Invesco will continue the legacy of success that comes with owning prime retail in one of Boston's highest traffic retail locations."
Built in 1965, and renovated in 2000, this three-story, retail asset spans more than five city blocks and marks the center of life in the city. This high foot-traffic location is the epicenter of downtown, and draws from a daytime population of over 1 million people living, working and visiting the city.
Pedestrian-friendly Downtown Crossing is served by over 100 restaurants and nearly 500 retail establishments. The area also offers more than 40,000 public and private parking spaces to the people working within a 10-minute walking distance of the area.