399 Washington Update
LaSalle and L3 acquire long-vacant Downtown Crossing building for $63.25 million, repositioning and rebranding commencing this Summer
LaSalle Investment Management and L3 Capital have acquired 399 Washington Street, a long-vacant 77,000-square-foot office and retail building in Downtown Crossing located across from Millennium Tower, for $63.25 million and plan to commence construction on an extensive repositioning of the building this Summer. The building, formerly home to a Barnes & Noble bookstore and vacant since 2006, will be rebranded DTX 399 and will feature six levels of prime retail and creative office space; Colliers International will be the building’s office and retail leasing broker. “We are beyond excited to publicly introduce this incredible opportunity to the market,” noted Colliers Senior Vice President Peter Montesanto. “Given its proximity to the Millennium Tower and the exciting tenants who accompanied that ‘game-changing’ project, we anticipate tremendous interest from flagship retailers and innovative companies drawn to the vibrancy and accessibility of DTX.” The sale of 399 Washington Street amounts to $821.43 per building square foot; Eastern Consolidated brokered the sale on behalf of seller Robert Posner.
The upcoming repositioning will preserve 399 Washington Street’s unique architecture while juxtaposing a sleek, contemporary flare to the first and second floors of the building. Both interior and exterior building systems will be fully overhauled. “L3 Capital is excited about adding this premier asset to our portfolio in such a dynamic corridor,” noted L3’s Tim Phair. “Boston’s DTX 399 has long been on our radar as an incredible repositioning opportunity, and we are eager to begin working with our partners at LaSalle Investment Management to bring our vision for the building to life.” A rendering of the repositioned 399 Congress Street is posted above.