Blackstone Scores Rare Premium in Boston Office Sale

Blackstone Inc. sold an office building in Boston’s Back Bay neighborhood, eking out a modest premium over its original purchase price in a rare deal for the city’s struggling commercial property market.

The investment firm sold a 13-story office building located at 399 Boylston St. to DivcoWest for $125 million, according to a deed filed on Tuesday. Blackstone acquired the property for $117 million in 2014. The purchase price works out to more than $500 per square foot, significantly higher than other recent deals in Boston’s commercial center, albeit with a limited sample size.