Qatari investor buys 311 Summer Street in Fort Point for $38.5 million
311 Summer Street, a seven-story, 57,225 square foot office building in Fort Point, was acquired by Qatari investor Ali Al Hashemi for $38.5 million today as recorded in the Suffolk County Registry of Deeds. The seller is 311 Summer Street LLC, a limited liability company comprised of principals at architecture firm ADD Inc.
(Now with Stantec). Today's sale equates to approximately $673 per square foot. Al Hashemi also secured a $28.875 million mortgage for the building today through Thani Bin Abdulla Media Group LLC of Qatar.
The Real Reporter reported today that Al Hashemi would acquire 311 Summer Street for near $39 million and that a deed would be recorded "imminently." Al Hashemi and ADD Inc.'s principals entered a Purchase and Sale Agreement for 311 Summer Street on June 23rd, 2016. ADD Inc.'s principals acquired 311 Summer Street in 2007 for $7 million and made approximately $15 million of capital improvements to the building. ADD Inc. has leased 87% of 311 Summer Street through July 2022; the building is 100% leased. Boston Realty Advisors was enlisted by 311 Summer Street LLC to sell 311 Summer Street, the following is a link to the building's sales website. The following is the deed for the sale of 311 Summer Street to Al Hashemi:
(Note: Al Hashemi is the owner and manager of 311 Summer Avenue, Inc.)
The following is Al Hashemi's mortgage for 311 Summer Street: