Center Plaza in Boston sells for $365m

The Center Plaza in Boston, Massachusetts has been acquired in a $365 million deal by partners Synergy Investments and GreenOak. Comprising three interconnected buildings, Center Plaza features a pedestrian friendly street level retail arcade with nearly 875 feet of frontage along Cambridge Street. The 741,200 sqf mixed-use asset and associated 575-space below-grade parking garage was 60 percent leased at the time of closing. The property is surrounded by prominent local institutions including Boston City Hall, the John F. Kennedy Federal Building and Suffolk University. The NGKF Capital Markets Boston team represented the seller, a real estate investment fund sponsored by Shorenstein Properties.

“Center Plaza represents one of Boston’s largest mixed-use complexes, offering critical mass and a commanding presence in the heart of the city,” said Vice Chairman Edward Maher, NGKF. “Additionally, it features one of the most profitable parking garages in the city, solidifying its status as a generational investment with substantial upside.”