A joint venture of the CIM Group and Nordblom Company have acquired 1000 Washington Street in Boston’s South End. The acquisition encompasses an 11-story, 242,000 square foot office building, and the adjacent four level, 309 stall parking garage at 321 Harrison Avenue. The seller, Rubenstein Partners, bought the asset in late 2014 in partnership with Nordblom Company. Terms of the sale were not disclosed.
“When we acquired 1000 Washington Street, a key investment consideration was the dramatic transformation we foresaw taking place in the New York Streets neighborhood. The rapid pace of the area’s transformation, along with the additional development rights, allowed us to exit earlier than originally anticipated. This recapitalization is also a great opportunity for our partner, Nordblom Company, to continue managing this asset and actively participating in this transformation of such an exciting part of Boston,” stated Deke Schultze, Senior Vice President of Rubenstein Partners, L.P., and director of the New England region.
