JER Partners recently expanded in Boston with the purchase of 270,000 square feet of office space in the city’s Financial District.
JER purchased Two Oliver Street and 147 Milk Street for $53 million.
The Milk Street property totals 50,000 square feet and is fully leased to Harvard Vanguard through 2012. Two Oliver Street totals 220,000 square feet.
“After several years of downward pressure, the Boston office market has started to demonstrate signs of recovery,” stated Cia Buckley, senior managing director of North American Investments at JER Partners. “We believe Two Oliver Street will be attractive to small- and mid-sized tenants who desire a Financial District location, but are value conscience.”
JER Partners is the private equity investment arm of J.E. Robert Cos., a real estate investment management company. Most of JER’s investments are in office, retail, multifamily and industrial properties.
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