Deals put Cushman on $2B sales pace - Boston Business Journal:

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"October is a big month for us," said Marci Griffith Loeber, executive director at Cushman & Wakefield. The firm landedc two of the year's biggest with One Beacon St. set to sell for a reported $350 millionj and a pair of FidelitInvestments buildings, 245 Summer St. and 7 Water St., sellingf for $305 million. Aside from the two largere deals, Loeber said the firm also recently closed two otheer largedeals -- Museum Towers, a high-rise apartmenyt complex in Cambridge, which sold for $145.y million, and Downtown Crossing's 350 Washingtoh St., which sold for $109.9 million. Another which closed on Wednesday, is 300 Baker Ave.
in Concord, which Cushman sold for $44 milliob on behalf of to Spear Street Capital. So far, Cushman has closerd on 34 deals worth morethan $1 Last year at this time, Loeber the firm had closed on around 25 deals wortbh $400 million to $500 million. The volume of transaction s is drivingthe numbers, with everything from officre buildings to retail centerw selling at a furious pace at firms across the Office sales alone total $1.9 billion in greater with 190 deals closing so far this year, accordinf to "The bread and historically, had been office, but we're seeiny a lot in all We're seeing it acrosw the board," said Loeber.
Brokerage firms across the city have been busilt marketing and selling propertiesall summer. Unlike previouw years, which slows over the summer, the market has continueds to be hot, with investors seeking to deploy capital forfully leased, high-quality At CB Richard Ellis/Whittier Partners, the marketg has been brisk, with plenty of competition for attractiver deals, said Philip executive vice president and partner at the Giunta and partner Elizabeth Thomas, a senio vice president, last Thursday closec on the sale of 35 Kneelanc St. for $28 million. The buildinv was sold by to . "Ift was very competitively bid," said Giunta.
"There is capital in the market today looking forstablw deals." The firm is also selling Clock Tower Place in which reportedly could fetch $100 and the three-building, 147,000-square-foot Norwood Park Soutuh for which is 97 percent leases until 2006. CB Richard Ellis also closed on Lincolh Plaza thispast year, with agreeing to purchase the two-buildintg Leather District office property from its , for $27.5 million. The more stable the the faster the deal saidMichael Smith, principal at . Buyeres are cautious when a building has given the ample amount of space and weak fundamentalse in theoffice market. "The sellers are beintg more demanding of the buyers to said Smith.
"It's a lot of work to get the buyera to take onthe sellers' But buyers aren't always willing to stretch for older buildingx or ones with higher vacancy. Spaulding & Slye is sellin 745 Boylston St. for Prudential Investments and has the buildintg under agreement to a local investment Though Smith would not disclosd the deal terms or the sale could close at a number lower than the original asking priceof $36.7 million. So far this year, Smith said the investmen sales team atSpaulding & Slye has closed on $210 million in salee with another $150 million under contract. Last week, the firm had calld for offers onanother $300 milliobn worth of product.
He said the totalp amount of deals depends on how many carrhy over from yearto year. "We'rs hoping to have a record year," said "We're going to have a good We've got good overall activity."