City Realty Group has recently acquired 186 Lincoln Street, a 73,000-square-foot class B office building located in the bustling Leather District of downtown Boston. The purchase price for this property was $11 million. Currently, the building is leased to four tenants who are leaders in technology and advertising industries and occupy approximately 49% of the space.
The seller’s identity remains undisclosed; however, Newmark’s Boston Capital Markets Group represented them during this transaction while also securing City Realty as the buyer. Robert Griffin and Edward Maher served as co-heads for U.S Capital Markets at Newmark along with Matthew Pullen as vice chairman, Samantha Hallowell as senior managing director and Joseph Alvarado acting as associate director.
Hallowell stated that “186 Lincoln St offers both immediate income opportunities along with potential value-add options.” She further added that its floor plates ranging from around 6,700 square feet to nearly 9,800 square feet align perfectly with small-tenant demand within Downtown Boston.
Fred Starikov who serves at City Realty’s managing partner expressed his excitement over unlocking “this beautiful building’s full potential.” Mechanics Cooperative Bank provided financing for this acquisition which will bring about new changes within one of Boston’s most sought-after neighborhoods – The Leather District.
