CBRE/New England Multi-Housing Group Sells 448 Beacon Street
Thursday, August 29, 2013
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
448 Beacon Street
Redevelopment of an 1889 historical mansion in Boston’s Back Bay
BOSTON (Aug. 29, 2013) — CBRE/New England’s Capital Markets team today announced the sale of 448 Beacon Street, a 20,000 square foot landmark building in Boston’s Back Bay neighborhood. The Church of Scientology sold the asset to an affiliate of The Congress Group for an undisclosed price.
CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, together with their Los Angeles colleague Randall Brown, exclusively represented the seller and procured the buyer.
“We are pleased to have facilitated this transaction on behalf of the seller,” noted CBRE/NE’s St. John. “It’s truly a unique asset with spectacular views of the Charles River and Boston skyline.”
The property consists of a historic five-story mansion that contains approximately 20,000 net sellable square feet. The Church plans to remain in the building for up to a year while they renovate the old Alexandra Hotel building in the South End for their new Boston home. 448 Beacon Street, located on the corner of Hereford Street, is an ornate five-story (plus basement) brick and brownstone building originally built in 1889 that will be renovated into luxury condominiums. The property also features ample parking for prospective unit owners.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2012 revenue). The company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.