BOSTON — A downtown Boston office and retail building has sold at auction for $19 million, marking a steep discount from its pre-pandemic valuation and underscoring continued pricing pressure in the city’s office market.
According to reporting by the Boston Business Journal, Boston-based development and investment firm Chevron Partners emerged as the top bidder for 99 Bedford Street, a five-story, approximately 98,000-square-foot property located near South Station. The building last traded in 2019 for $51 million, placing the recent sale roughly 63% below its prior purchase price, the BBJ reported.
The transaction closed on December 8, and reflects one of the latest examples of downtown Boston office assets selling at a significant markdown from peak market values. The property was previously owned by Credit Suisse Asset Management, which acquired the building from Plymouth Rock Assurance in 2019 for approximately $50.5 million, according to the BBJ. The building was most recently assessed at $22 million…