Back Bay boutique office building overlooking Public Garden sold for $22.5 million
10-11 Arlington Street, a six-story, 21,205-square-foot boutique office building fronting Boston’s Public Garden, has traded for $22.5 million to a private investor. The sale amounts to a staggering $1,061 per square foot, topping the record $1,027 per square foot paid for the new-construction 101 Seaport office building in the Seaport District in April 2016. 10-11 Arlington Street's sale follows Quincy Mutual Fire Insurance Company's recent acquisition of 66 Beacon Street, a seven-story, 25,125-square-foot mixed-use building located at the intersection of Beacon and Charles Streets also overlooking the Public Garden, for $20.45 million in cash, amounting to nearly $814 per square foot.
Bank of America provided $19.125 million in financing towards buying entity 10-11 Arlington LLC’s acquisition. Seller Fisher College paid $11.75 million, or $554 per square foot, to acquire the building in March 2013, just over half of the most recent sale price. CBRE/New England represented Fisher College and procured 10-11 Arlington LLC in the deal.
10-11 Arlington Street presents a unique office space opportunity, and could also be converted into apartments or condominiums. The building was most recently used as office space, but was originally built in 1861 as a private residence. “10-11 Arlington presents a once-in-a-generation opportunity to reposition one of Boston's most prominent buildings,” said CBRE/New England’s Mark Reardon in a prepared statement. “This property is destined to become the crown jewel in any investor's portfolio. The building's current use as office space offers a unique opportunity for the owner/user to have one of the most prestigious addresses in the City of Boston.”