Liberty Mutual Investments has reacquired a 270,000-square-foot office building in Wellesley, Massachusetts for $65 million—roughly half its most recent assessed value—according to the Boston Business Journal. The property, located at 93 Worcester Street and known as Wellesley Gateway North, was once the headquarters of Harvard Pilgrim Health Plan. Current tenants include Aetna, AXA Advisors, and the American Heart Association.
The building was originally purchased by Beacon Capital Partners in 2016 for $87.5 million. The town of Wellesley had recently assessed the building at $121 million.
The Boston Business Journal notes that the sale highlights a significantly altered office market landscape, influenced largely by shifts toward hybrid and remote work. In a similar example, an 11-story tower in Boston’s West End recently sold for $28 million—less than half of its prior valuation nearly a decade ago. Additionally, 101 Arch Street changed hands last year for $78 million, down from $122 million in 2005.
Photo courtesy of CBRE.
