CBRE/New England Multi-Housing Group Sells Midway Studios for $20 Million
Wednesday, June 4, 2014
CBRE/New England Contact:
CBRE/New England Multi-Housing Group Sells
Midway Studios for $20 Million
89 units of artist live/work space sold
BOSTON (June 4, 2014) — CBRE/New England’s Capital Markets team announces the $20 million sale of Midway Studios, an 89-unit artist live/work community located in Boston’s Fort Point Channel district. CBRE/NE’s multi-housing experts Simon Butler, Executive Vice President/Partner, and Biria St. John, Executive Vice President/Partner, exclusively represented the seller, Midway Studio Associates, LLC, a joint venture between the Keen Charitable Foundation and the Fort Point Cultural Coalition. CBRE/NE also procured the buyer, a joint venture between New Atlantic Development, LLC and the residents of Midway Studios.
“We are pleased to have facilitated this transaction on behalf of our client. This was a very successful outcome for all parties involved that resulted in the preservation of artist housing,” said CBRE/NE’s Butler.
Midway Studios was originally constructed in 1912 and was redeveloped into artist living in the spring of 2005. The 89 live/work studios, located on floors two through six of Midway Studios, are designed to accommodate a broad range of artist mediums. The first floor houses dramatic two-story spaces, ±24,740 square feet of office/retail space for cultural organizations and arts-related businesses. Currently, the property is home to Elevin Studios (photo studio), Studio Troika (design and architectural office), Arts & Business Council of Greater Boston (office/community space) and The Club by George Foreman III (boxing and fitness center), with Late July Snacks moving in this fall. Each residence features open-space loft living with original wood beams, exposed brick, over-sized windows, soaring ceiling heights and painted gypcrete floors.
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 and investment firm (in terms of 2013 revenue). The company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.