CIM Group Snags Boston Office Property
ByCIM Group has added to its Boston holdings with the acquisition of 1000 Washington St., an 11-story, 242,000-square-foot office building and the adjacent four-level, 309-stall parking garage at 321 Harrison Ave. in Boston’s South End, from Rubenstein Partners LP.
The purchase was made in partnership with Nordblom Co., which has owned a stake in the property and managed it since 2006. In late 2014, Nordblom and Rubenstein announced a partnership acquisition of the property for $75 million. The current sales price was not released nor was information on Nordblom’s stake.
Nordblom and Rubenstein had received approval a year ago from the Boston Redevelopment Authority to begin an $80 million expansion of the property by building a 218,500-square-foot office building atop the parking garage. The plans called for the lobby at 1000 Washington St. to be renovated to serve as a common lobby for both office buildings. Further details on whether CIM Group would be taking over that project were not available. CIM Group did note that Nordblom would continue to manage the property…
