IPA agent for 20,000 s/f retail space at Downtown Crossing

Boston, MA Institutional Property Advisors (IPA), a division of Marcus & Millichap is offering for sale a 20,000 s/f retail space in the Downtown Crossing shopping district.

“The space will be 100% occupied by a Teso Life flagship store on a parent-guaranteed 10-year lease with two five-year renewal options and annual rent increases of 3%,” said Jim Koury, IPA senior managing director investments. “With 22 million annual visitors and retail vacancy of 2.4%, Downtown Crossing is one of Boston’s most-visited shopping districts.”

Koury is representing the seller, WREC Washington Street Acquisition LLC.

The property is adjacent to Boston Common, the Freedom Trail, and the Downtown Crossing MBTA station, which serves Harvard, and MIT. South Station is within walking distance. Northeastern University, Tufts University, and Boston University, Copley Square, Prudential Center, and Faneuil Hall Marketplace are nearby.

The retail space is distributed over three floors at 459 Washington St. in a building constructed circa 1900 and built out in 2017. The floors are connected by an elevator and escalators.