CIM Group, in partnership with Nordblom Company, has sold two Class A office towers, 1000 Washington St. and 321 Harrison Ave., in Boston to funds managed by Blackstone Real Estate Partners.
The two adjacent office towers will be operated by Blackstone portfolio company BioMed Realty, a leading owner and operator of life science buildings in Boston/Cambridge. The sales price was not disclosed.
After acquiring the properties in 2017, CIM Group and Nordblom Company repositioned the assets: 1000 Washington St., an 11-story, 242,000-square-foot office building, was renovated into Class A office space; and 321 Harrison Ave., an adjacent three-story parking garage, was redeveloped by adding eight additional floors above the existing structure to create a new 11-story, 233,000-square-foot office building.
“CIM repositioned and developed 1000 Washington and 321 Harrison to create modern Class A office spaces that would appeal to the growing life science sector. By attracting a leading life science owner and operator, CIM has fulfilled its vision to enhance the local economy and create new jobs,” said Avi Shemesh, Co-Founder and Principal, CIM Group.
The towers are centrally located in Boston’s South End, a highly desirable neighborhood with walkable amenities and convenient access to the Mass Pike (I-90) and various Amtrak, MBTA, and bus stations.