Rubenstein Partners, L.P. (Rubenstein), a vertically-integrated real estate investment manager specializing in value-added office property opportunities in the Eastern half of the United States, today announced the sale of 1000 Washington Street, a 242,000-square-foot office asset, along with an adjacent four-level parking garage located at 321 Harrison Avenue, in Boston, MA.
Rubenstein first acquired 1000 Washington Street in late 2014 in partnership with Nordblom Company, which had owned the asset since 2006. Drawn to the asset's long-term development potential as well as its strategic location in a transforming urban neighborhood in the south end of downtown Boston, Rubenstein believed the time was now right to explore a potential recapitalization of 1000 Washington Street given value appreciation associated with the transformation that has occurred since its original acquisition.
"When we acquired 1000 Washington Street, a key investment consideration was the dramatic transformation we foresaw taking place in the New York Streets neighborhood. The rapid pace of the area's transformation, along with the additional development rights, allowed us to exit earlier than originally anticipated. This recapitalization is also a great opportunity for our partner, Nordblom Company, to continue managing this asset and actively participating in this transformation of such an exciting part of Boston," notes Deke Schultze, Senior Vice President of Rubenstein Partners, L.P., and director of the New England region.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in markets in the Eastern United Statesthat encompass more than two-thirds of U.S. office space inventory. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10 million square feet of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
