From The Real Deal · TRD Staff · · 50s
Rockpoint reclaims Downtown Boston office lost to foreclosure
Rockpoint Group buys back Boston office after foreclosure auction.
In brief
Rockpoint Group buys back Boston office after foreclosure auction. Rockpoint Group repurchased a Downtown Boston office building at a foreclosure auction for $260 million, marking a 68% discount from its 2019 purchase price. Originally reported by The Real Deal.
Rockpoint Group repurchases Boston office
Rockpoint Group repurchased a 32-story Downtown Boston office building at a foreclosure auction for $260 million.
Property details and lease status
The 1.3-million-square-foot building is 72% leased to tenants including SimpliSafe, Ironwood Pharmaceuticals, and Massachusetts Trial Court.
Financial context and discount
Rockpoint bought the property in October 2019 for $806 million, now repurchasing it at a 68% discount from that price.
Auction significance and market trends
The auction was Boston's largest office building foreclosure sale in a decade, with trophy space reaching a two-year high of $105.02 per square foot.
Here's the gist
Rockpoint Group repurchased a Downtown Boston office building at a foreclosure auction for $260 million, marking a 68% discount from its 2019 purchase price.
