Boston, April 18, 2018 – Colliers International’s Investment Sales team recently announced the $23 million sale of two urban-core properties in Boston, Massachusetts. The properties, formerly owned by Thibeault Development, include 13-21 Congress Street, a 54,450-square-foot building in Boston’s Financial District, and 27-29 Stuart Street, a 10,540-square-foot property in Boston’s Theatre District. Hemisphere Development purchased both assets with redevelopment intentions. Additionally, Colliers International’s Capital Markets Team worked on behalf of the new owner to secure $21.5 million in acquisition and pre-development financing through Knighthead Funding, LLC.  


During its ownership, Thibeault Development added approximately $4.5 million in value 10 13-21 Congress Street and $1.875 million to 27-29 Stuart Street. In Financial District centric locations, both properties serve as vital connectors between North and South Stations, as well as other key Boston neighborhoods. They uniquely service the needs of pedestrians, being accessible to multiple MBTA Lines within just a five-minute walk. Congress Street, located on the main artery of Boston’s Financial District, directly abuts Related Beal’s highly anticipated Congress Square redevelopment project.

“The sales of Congress & Stuart Street were done with seamless execution from all parties involved and we look forward to seeing the successful future development of these two sites,” noted senior vice president Christopher Sower of the Colliers Multi-Family Investment Sales team. “As always, it has been a pleasure working with the Thibeault Development team and we await opportunities to collaborate with Hemisphere Development in the future,” added executive vice president Scott Dragos of the Colliers Investment Sales team.

The Colliers Investment Sales team representing the seller, Thibeault Properties, was led by Multi-Family Investment Sales team leader, Chris Sower, Investment Sales team leader, Scott Dragos, and Capital Markets EVP, Jeff Black. Rose Zhao represented the buyer, Hemisphere Development, in the transaction.

 

 

Thibeault Development Sells Two UltraCore Boston Sites to Developer 

 

 

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About Thibeault Development:

Thibeault Development is a privately held, multi-platform real estate company. It operates throughout New England, with a strong presence in downtown Boston. Thibeault Development develops, operates, manages and owns residential, retail, industrial and mixed-use properties. Residential properties include re-developed downtown Boston buildings, urban ring apartment complexes and suburban subdivisions and residential communities. Retail projects have included big box retail development and storefront Boston sites. Thibeault Development’s industrial properties are both operating heavy industrial sites, smaller light industrial rentals and commercial storage and warehouse facilities.

 

About Colliers International Group:

Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.

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For further information, please contact:

Jen Weber
InkHouse for Colliers International, Boston
Phone: 781.966.4130
Email: colliers@inkhouse.com