Equus Capital Partners, Ltd., one of the nation’s leading private equity fund managers, announced today the sale of 18 Tremont Street in Boston, Massachusetts. The 12-story, 202,033 square-foot office/retail property was purchased by an affiliate of DLJ Real Estate Capital Partners for $77.5 million ($384 per square-foot) and was 88 percent leased at the time of sale.
“18 Tremont’s location in Boston’s historic CBD, together with its unique floor plates, retail amenities and proximity to public transportation make it a desirable home to the growing CBD tenant base. , 18 Tremont has attractive upside potential as existing rents roll to a rapidly increasing market level,” stated Christopher Locatell, Senior Vice President at Equus, who was responsible for overseeing the disposition for the firm.
Frank Petz and Matt Sherry of Jones Lang LaSalle’s Boston office represented the Seller and Buyer in the transaction.
Equus acquired the property in 2007 on behalf of one of its value-add funds, BPG Investment Partnership VIII and VIIIA, L.P., a $550 million dollar equity fund and has since worked toward turning the 100-year-old U-shaped building into a “New Classic” by maintaining its old-world Boston charm while modernizing the electrical system, revamping aesthetic features such as a newly renovated lobby, and adding attractive amenities such as on-site retail. In addition, the building is located near Government Center in Boston’s Financial District and is ideally situated just two blocks from all four of Boston’s major subway lines.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd., is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of over 24 million square feet of office, retail, and industrial properties and nearly 13,000 apartment units in 53 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Los Angeles, Chicago, Washington D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.