201-207 South Street Update 02/28/16

The 70,000 square foot office building located at 201-207 South Street in Boston’s Leather District was sold on Friday (February 26th) for $29,000,000. The building was last sold just over two years ago in December 2013 for $14,000,000, just under half of Friday's sale price. Before 2013, 201-207 South Street was sold in December 2006 for $8,000,000.

Deed for Friday's sale is posted below:

201-207 South Street is located across Kneeland Street from the future redevelopment parcel at 185 Kneeland Street. On February 9th, 2016, it was announced that 185 Kneeland Street, a 5.5-acre state-owned parcel, will be offered for redevelopment.

201-207 South Street's buyer is listed as 201 South Street Owner LLC, a limited liability company affiliated with ClearRock Properties of New York City. The agent on file for 201 South Street Owner LLC is Howard Juster, President of Juster Properties of New York. 201-207 South Street's seller is Meritage Properties of Scarsdale, NY.

ClearRock Properties and Juster Properties have partnered on property acquisitions in New York City, Washington, DC, Stamford, CT and Cambridge, MA. The pair owns 485 Massachusetts Avenue, a recently renovated office building and developable surface parking lot located in Cambridge's Central Square steps to MIT and the MBTA Red Line. The pair bought 485 Massachusetts Avenue in May 2011 for $13,020,000. The seller was Meritage Properties, who also sold the pair 201-207 South Street on Friday. Before 2011, 485 Massachusetts Avenue was sold in August 2007 for $9,425,000.

Meritage Properties owned 711 Atlantic Avenue, located in Boston's Leather District about a block away from 201-207 South Street, from May 2012 to August 2015. Meritage Properties bought the building in May 2012 for $26,000,000 and sold the building in August 2015 to J.P. Morgan Investment Management Inc. of New York City for $43,075,000, more than double the 2012 sale price. 711 Atlantic Avenue is home to a location of Workbar, a co-working office space company.

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