HFF has closed the $152 million sale of 116 Huntington Ave., a trophy, 274,218 s/f office building located in the city's Back Bay submarket.
HFF marketed the property for the seller, Broadway Partners, and procured the buyer, Columbia Property Trust. Soundport Capital LLC acted as an advisor to the seller.
Originally constructed in 1991 and continually renovated and upgraded throughout time, 116 Huntington is a boutique office building that draws on the various demand sectors in the city's highest renting submarket. In addition to the on-site amenities, the building is within walking distance to the Shops at the Prudential, Copley Place and the MBTA's Back Bay Station, which provides access to subway, bus, commuter rail and Amtrak services. Rising to a height of 15 stories, the building offers unmatched views of the Back Bay, Seaport, South End and the Charles River.
The HFF investment sales team representing the seller was led by senior managing director Coleman Benedict, director Ben Sayles and real estate analyst Patrick McAneny.
"Back Bay is one of the tightest markets in the country," Benedict said. "Given the concentrated, institutional ownership in the area, the opportunity to acquire such a trophy rarely comes along. Columbia is going to do very well with this asset."
Columbia Property Trust, a publicly traded REIT, invests in high-quality commercial office properties in primary markets nationwide and has achieved an investment-grade rating from both Moody's and Standard & Poor's rating services. As of January 8, Columbia's portfolio consists of 38 office properties and one hotel, which included 55 operational buildings and comprised approximately 16.3 million s/f, located in 15 U.S. metropolitan statistical areas (MSAs).
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.