Saturday, October 06, 2007

Tufts Enters $116 Million Sale Leaseback of Two Medical Office Buildings in Boston

CoStar Group - October 3, 2007

Triple Net Properties LLC, on behalf of tenant-in-common investors, purchased the Biewend building at 260 Tremont St. and the Tupper building at 15 Kneeland St. in Boston from NEMC Real Estate Co. Inc. for $116 million, or approximately $460 per square foot. Concurrently, a 10-year triple net lease for 100% of both buildings was executed by Tufts-New England Medical Center in this sale-leaseback transaction.

The 14-story Biewend building has 154,500 square feet of medical-office space. The Class B office building was built in 1924 and was renovated in 1992. The Tupper Building, built in 1924 and renovated in 1983, is also a 14-story office-medical building containing 97,559 square feet. Both are on the Tufts-New England Medical center campus.

Triple Net Properties was self-represented. Philip G. Giunta of Grubb and Ellis represented NEMC Real Estate Co. Inc. Joseph A. Byers of Commercial Realty Capital arranged financing, which was provided by PNC Bank, National Association. Sphere: Related Content

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