Goodwin Procter attorneys recently advised Multi-Employer Property Trust (MEPT), a real estate investment fund, and Bentall Kennedy, a real estate investment advisor, in three acquisitions with a combined value of $250 million. Financial terms were not disclosed.
The nine acquired properties, all in Boston’s South End and Seaport District neighborhoods, represent 650,000 square feet with redevelopment and development opportunities. Properties included the following:
- Portfolio one: two, fully-leased, medical office buildings, three properties intended for redevelopment including two acres of land for potential multi-family development;
- Portfolio two: three leased, operating office buildings at 313 Congress Street, 330 Congress Street and 300 A Street; and
- Necco Garage: six-level, 588 space parking space facility.
Multi-Employer Property Trust is a $7.0 billion, open-end commingled real estate equity fund that invests in a diversified portfolio of institutional-quality real estate assets in 25 major metropolitan markets across the U.S. Founded in 1982, MEPT is owned by more than 320 institutional investors, including 14 multi-employer and public employee plans in the Boston area. Signatory to the UN Principles for Responsible Investment, MEPT is recognized as a pioneer in Responsible Property Investing (RPI) and has been consistently top-ranked in the U.S. by GRESB for its environmental performance.
Bentall Kennedy is one of North America's largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of close to 500 investors and their 134 million square feet of office, retail, industrial, and multi-residential properties valued at over $32 billion throughout Canada and the U.S. Bentall Kennedy is a member of UN PRI and is a recognized global leader in Responsible Property Investing.
The Goodwin team advising on the transactions was led by partners Alex Randall and Diane McCabe, and included tax partner Karen Turk, leasing counsel Katherine Murphy and associates Mary McQuinn and Nicole Riley.
To learn more, please read the MEPT press release.