Deals
Blackstone Said to Buy Boston Building for $117 Million
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Blackstone Group LP agreed to buy a 13-story office building in Boston’s Back Bay district for $117 million, seeking to increase income by re-leasing space in a strong market, said two people with knowledge of the deal.
The seller of 399 Boylston St. is Shorenstein Properties LLC, which has owned the building since 2007, said the people, who asked not to be identified because the deal isn’t set for completion until September. The brick-and-glass property, built in 1983, has about 230,000 square feet (21,400 square meters). The asset-management unit of France’s Natixis SA, which rents more than half the space, has said it will move to a new Boston Properties Inc. development down the street in 2017.