$125M Purchase of 399 Boylston by Divco West on Par with Price From A Decade Ago

BOSTON — Barely above the sale price from 11 years ago, DivcoWest has acquired 399 Boylston Street, the premier 245,000-square-foot Class A office building in Boston’s Back Bay for $125 million. The property, which is more than 90% leased, represents DivcoWest’s continued confidence in Boston’s innovation economy and enduring appeal as one of the nation’s most dynamic urban office markets.

“We believe Boston continues to be one of the most resilient and desirable office markets in the country,” said Michael Falvey, Senior Director and Head of Boston Acquisitions at DivcoWest. “399 Boylston Street exemplifies the type of high-quality, well-located assets we seek, properties that deliver a best-in-class tenant experience in markets with enduring fundamentals. We see tremendous long-term value in this investment and in the continued vibrancy of the Back Bay and the city of Boston.”

According to a release, 99 Boylston Street combines timeless architecture with $35 million in newly completed tenant-focused upgrades, including a full-service fitness center, yoga studio, bike storage, locker rooms, showers, and a salon. The building has direct access to the MBTA Green Line, with connections to the Red and Orange Lines just two blocks away, offering unparalleled connectivity to talent and amenities across the city.

Surrounded by Boston’s cultural landmarks, green space, and luxury retail such as Hermes, Bottega Veneta, Bulgari, and Valentino, 399 Boylston offers sweeping views of the Boston Common, Public Garden, and the Charles River. Tenants benefit from proximity to an array of premium dining, hospitality, and residential options, creating a dynamic environment that aligns with modern workplace expectations.

“The acquisition of 399 Boylston by DivcoWest underscores strong investor conviction in the strength of the Back Bay submarket,” said Edward Maher, Boston Capital Markets Executive Vice Chairman at Newmark, which handled the sale. “This asset’s recent capital improvements and irreplaceable location position it as one of the most attractive office offerings in the city.”

With the acquisition, DivcoWest expands its Boston footprint, reinforcing the firm’s long-term strategy of investing in top-tier assets across innovation-driven markets on the East Coast and beyond.

Newmark represented the seller in the transaction, and JLL will continue to serve as the exclusive leasing agent for the

Edward Maher

Michael Falvey