Time Equities, Inc. has expanded its New England footprint with the acquisition of 230 Congress St., a historic office property in Boston’s Financial District. The New York-based investor paid $32.5 million for the building, which totals 151,163 square feet and is designed in the Art Deco style. The purchase marks Time Equities’ first office acquisition in Boston, adding a commercial asset to a local portfolio that already includes retail and multifamily holdings.
According to the company, 230 Congress St. becomes its third asset in the Boston market and its fifth investment in the state. The building’s location in the core Financial District positions it among the city’s primary business addresses, while also integrating it into an established cluster of telecom and office uses. The acquisition continues Time Equities’ strategy of targeting assets in the market, following earlier investments in retail at 399 Washington St. and The James, an apartment community in the suburbs.
Time Equities characterized the property as combining an advantageous location with a largely stabilized rent roll. The building was completed in 1931 and is currently 76.8% leased to a mix of telecommunications and office tenants. The remaining space is described as move-in ready, offering potential for near-term lease-up without major repositioning, according to the buyer’s commentary.
The property also serves a specialized role within Boston’s telecommunications infrastructure. Supported by 11 on-site fiber providers and seven diverse points of entry, 230 Congress St. functions as one of the city’s primary telecommunications interconnection assets. This level of connectivity provides redundancy and network optionality for tenants, reinforcing the building’s appeal to telecom users alongside traditional office occupiers.
On the transaction side, Time Equities was represented in-house by Aaron Medeiros, director of acquisitions and policy, and by Keaton Baum. The seller was represented by Midland National Life Insurance Company, in connection with Northwood Investors. Terms beyond the purchase price, including any financing structure or debt counterparties, were not disclosed.
With this closing, Time Equities deepens its presence in Boston through a diversified local portfolio that now spans retail, multifamily and office. The firm highlighted the combination of stabilized tenancy, connectivity infrastructure and Financial District positioning at 230 Congress St. as drivers of the asset’s long-term value proposition.
