BLDUP Newsletter

147 Milk Street Update 04/01/21

147 Milk Street Trades Hands for $47.9 Million

MEPT 147 Milk, LLC - a subsidiary of BetallGreenOak - sold 147 Milk Street in Downtown Boston to LCI 147 Milk Street, LLC - a subsidiary of Kanam Grund America, L.P. - for $47,950,000. The property features a 10-story, 52,200 square foot office building built in 1920. 147 Milk Street is fully leased to Harvard Vanguard and is located steps to Post Office Square.

“We congratulate the BentallGreenOak team on exceptional stewardship of 147 Milk Street. Having acquired the asset with full conviction that it was a mission-critical facility for Harvard Vanguard/Atrius Health, they successfully crafted a win-win, long-term renewal providing stability to their tenant and positioning the asset for an ‘ultra-core’ disposition,” said Michael Greeley, managing director of Newmark Frank Knight's Boston Capital Markets group.

“The market’s response was tremendous to this unique opportunity, being one of Boston’s few urban medical office buildings and a rare triple-net-leased downtown asset with credit tenancy. As the first Boston investment for KanAm Grund and the first U.S. acquisition in its Leading Cities INVEST Fund, we commend all parties involved for the smooth transfer of this truly generational asset.”

 

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