50 Congress Street, Boston Sold By Nordblom Company to KBS Capital Advisors
Boston, MA (July 11, 2013) – Nordblom Company announced today that it has sold 50 Congress Street in Boston, MA, a 179,872 SF landmark office building in the heart of the financial district, to KBS Capital Advisors.
“For more than 60 years Nordblom Company has been affiliated with 50 Congress Street through ownership and management of the property. It is a gem of a building and while the sale is the end of our long association with the property it is another new beginning for the Nordblom Company. We are particularly delighted with the community of companies within the building and pleased to be selling the property to such a quality operator,” stated Peter Nordblom, President of Nordblom Company.
On behalf of Nordblom Company, HFF marketed the property and arranged the $51 million sale to KBS Capital Advisors.
“A substantial portion of the sale proceeds will be going to a charitable foundation. The funding of the foundation is the result of several generations’ efforts and the estate planning by Rodger Nordblom, who wanted the family to continue a legacy of contribution to the community. A professional advisory team will be developing a strategic plan for the foundation to implement this vision,” noted Peter Nordblom.
“50 Congress Street is a terrific asset set in Boston’s thriving Financial District,” said Coleman Benedict, senior managing director. “This was a great transaction and a true win-win for both parties.”
About Nordblom Company
Nordblom Company is a real estate enterprise with an 85-year history of investing, managing and developing properties throughout the New England region and select markets across the country. The company currently owns office, commercial and multi-family properties in the New England and Carolina markets and is committed to creating dynamic work and living environments that further the quality of life for the people who occupy its properties. Headquartered in Burlington, Massachusetts with offices in Boston, Brookline, and Raleigh, North Carolina, Nordblom Company has $1.2 billion in assets under management. Please visit www.norblom.com for additional information.
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS- affiliated companies have completed transactional activity of approximately $26 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.