Urdang, a real estate investment specialist for BNY Mellon Investment Management, paid $17.5 million for Two Liberty Square in Bostonâ€™s Financial District.
The Pennsylvania-based company bought the 11-story office building from Investors Warranty of America, an affiliate of Aegon USA Realty Advisors, an Iowa-based commercial real estate investment and management arm of the Aegon Asset Management.
Built in 1913, the 64,357-square-foot boutique office building was designed in the Beaux Arts style by Peabody & Stearns. It was renovated in the 1990s and combines historical architecture with modern infrastructure. It is located near Post Office Square, Faneuil Hall Marketplace and the Rose Fitzgerald Kennedy Greenway. The property is 81 percent occupied with nine tenants, according to brokers.
The building was sold to a joint venture of AEW Capital Management and Neelon Properties for $23 million in 2007 at the peak of the market. Later, their lender, Aegon foreclosed on the property. Last fall, brokers said the property was likely to bring offers of around $20 million.
Jones Lang LaSalle (NYSE: JLL) listed the property for sale in September on behalf of Aegon USA Realty Advisors and handled the sale.
Source: Boston Business JournalÂ
Mario Pavli Vice PresidentÂ Boston Luxury ResidentialÂ