Hoffman acquires three Financial District buildings for $63.7 million Update
From left to right, 103 Arch Street, 153 Milk Street, 172-184 High Street
The Hoffman Companies, a Downtown Crossing-based real estate investment company led by Matthew Hoffman, has acquired three Financial District office, residential and retail buildings for $63.7 million total. Altogether, Hoffman acquired 47 luxury apartment residences and 70,378 square feet of office and retail space.
Thibeault Development of Everett sold Hoffman two recently renovated luxury apartment buildings, 103 Arch Street and 153 Milk Street, for a combined $38.5 million. 103 Arch Street, a 21-unit luxury apartment building with one 1,050 square foot ground-floor retail unit, was sold to Hoffman for $13.5 million, or approximately $613,636 per unit. Thibeault acquired 103 Arch Street for $2.2 million in January 2013 and proceeded to renovate the building. 103 Arch Street is master leased to Sonder, a short-term housing operator. Average market rent at 103 Arch Street is $2,857 per month.
153 Milk Street, a 26-unit luxury apartment building with three ground-floor retail units totaling 3,485 square feet, was sold to Hoffman for $25 million, or approximately $862,069 per unit. Thibeault acquired 153 Milk Street for $4.65 million in November 2011 and proceeded to renovate the building. 153 Milk Street is 100% occupied. Average market rent at 153 Milk Street is $3,640 per month.
Westbrook Partners sold Hoffman 172-184 High Street, a 65,843 square foot office and retail building with a 1,601 square foot rear surface parking lot, for $25.2 million, or approximately $383 per square foot. Westbrook acquired the building in January 2016 for $19.5 million, or approximately $296 per square foot.