Dock Square Garage acquired by New York developer for $170 million

Fortis Property Group of New York has acquired the six-story, 264,462-square-foot Dock Square parking garage, situated on 1.2 acres steps from Faneuil Hall, for $170 million. The sale amounts to nearly $643 per square foot. MetLife Real Estate Investors provided $110 million in financing towards Fortis' acquisition. The Dock Square Garage's seller is Sullivan Properties, who originally developed the garage in 1980. The garage contains 698 parking spaces and 16,100 square feet of ground-floor retail. Existing zoning for the garage site would allow up to 125 feet of height, roughly 12 stories, on the parcel, allowing for the addition of new office or residential floors above the existing garage.

Newmark Knight Frank (NKF)'s Boston capital markets brokered the sale of the garage to Fortis. Fortis also owns the 36-story, 1-million-square-foot One Lincoln Street tower, fully occupied by State Street Corporation, which Fortis acquired for $889 million, or $889 per square foot, in 2006. “Dock Square Garage is among the top three highest-grossing parking facilities in Boston,” said NKF Executive Managing Director Matthew Pullen in a prepared statement. “The garage is directly surrounded by 24/7 demand drivers including Faneuil Hall, the North End, Rose Kennedy Greenway, TD Garden and 33 million square feet of Downtown office space.”

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