By Seth Daniel
In what surprised many in the New York Street area of the South End, the CIM Group purchased the 1000 Washington St. building and the 321 Harrison Ave. garage – which is fully permitted for a new office building – from Nordblom for $114.2 million on Monday.
The move by CIM adds to a quickly growing portfolio of properties in the city’s downtown neighborhoods, with this being the fifth major purchase in the last 18 months.
The news came in a joint press release, but was first reported by Bldup.com.
A spokesperson for CIM declined comment on the purchase.
Nordblom announced in a press release that they would maintain an ownership interest and would also continue to manage the property.
“CIM identified the Boston area more than a decade ago as a community that possesses the attributes that fit its investment strategy,” read the release. “(The building and garage) add to CIM’s growing portfolio of investments in Boston.”
Those other investments by CIM includes the June acquisition of six parcels totaling 2.16 acres in Boston’s Fenway neighborhood and the 200 Stuart Street Garage, the Motor Mart Garage in Park Plaza, and 95 Berkeley St.
Nordblom, based in Burlington, has been an owner and operator of 1000 Washington St. since 2006.
Last year, they entered into a protracted permitting process with the city and the New York Streets neighborhood to build a new 235,000 square-foot office building on top of the existing garage. The $80 million project looked to attract a Class A tenant. The project calls for the existing 300-space garage to be reconfigured to a 240-car garage. It would be an 11-story building with eight floors of office space and three levels of existing garage.
The Boston Planning and Development Agency (BPDA) Board approved the project in September 2016.