Boston Realty Advisors has completed the sale of 399 Washington Street, a vacant five-story building in downtown Boston's historic district. The all-cash transaction involved a bank lender selling the 76,000-square-foot property to a joint venture between Hudson Group and Assembly Investments for $63 million.
The property, originally purchased in 2017 and renovated with $7-10 million in upgrades including LEED-certified systems, had remained unoccupied despite improvements. The sale represents a strategic investment in Boston's urban landscape, with new owners expressing optimism about downtown's revitalization.
Noam Ron of Hudson Group highlighted the positive momentum in downtown Boston, citing the city's commitment to large-scale development and historic preservation. The building's location offers exceptional transit accessibility, situated near Park Street and Downtown Crossing MBTA stations with access to multiple transit lines.
Designed by renowned Boston architect Nathaniel J. Bradlee, the property features a modernized two-story facade and restored stone-fronted architecture. Whitney Gallivan and Nicholas M. Herz of Boston Realty Advisors represented the seller in the transaction.
Evan Papanastasiou of Assembly Investments noted a personal connection to the property, having previously been a broker involved in its 2017 sale. The new ownership group aims to restore the building's prominence in the Downtown Crossing retail and office market.
