Newmark arranges $125 million sale of 245,084 s/f 399 Boylston St. to DivcoWest

Boston, MA Newmark has arranged the $125 million sale of 399 Boylston St., a 13-story, 245,084 s/f office/retail property in the Back Bay neighborhood of the city. Newmark co-head of U.S. capital markets Robert Griffin, along with Boston capital markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble, senior managing director Samantha Hallowell and associate director William Sleeper, represented the seller, BRE Boylston Owner LLC, and procured the buyer, DivcoWest.

Newmark Boston debt & structured finance vice chairman David Douvadjian, Sr., executive managing director Timothy O’Donnell, senior managing director David Douvadjian, Jr. and associate directors Bobby Alvarado and Conor Reenstierna arranged acquisition financing on behalf of the buyer.

“The acquisition of 399 Boylston by DivcoWest underscores strong investor conviction in the strength of the Back Bay submarket,” said Maher. “This asset’s recent capital improvements and irreplaceable location position it as one of the most attractive office offerings in the city.”

399 Boylston St. has maintained an average occupancy rate of more than 85% over the past five years. Ownership has invested capital into base-building improvements in the past decade, including a brand-new lobby and entryway, as well as tenant improvements. The property’s retail component is anchored by Tatte Bakery & Café, Vidal Sassoon Salon, Carbon Health urgent care and CorePower Yoga.

399 Boylston St. is walkable to multiple public transit options, including the MBTA Green Line’s Arlington station, and accessible to I-90 and I-93.

Newmark senior managing directors James Brady and Matthew George provided local leasing expertise for the transaction, and senior financial analyst Nickolas Revers and financial analysts Grady Zink and Harrison Zucco provided analytical support.