Hines Global REIT Inc., a publicly registered non-traded real estate investment trust, has sold Riverside Center, a 510,00-square-foot office complex located in the Boston suburb of Newton, Massachusetts, for approximately $235 million, excluding transaction costs and closing prorations.
Hines Global originally purchased the property in March 2013 for $197.3 million.
Riverside Center consists of three office buildings connected by a pair of glass-enclosed atria, and includes a café, fitness center with locker room and shower facilities, parking for 1,500 cars in an adjacent parking garage, and is within close proximity to major transit routes. Tenants include the non-profit healthcare organization Atrius Health, pharmaceutical giant McKesson, and e-publishing company Tech Target.
Hines Global REIT launched in December 2008 and closed its offering in April 2014 after raising $2.7 billion in investor equity. The company’s portfolio is comprised of 12 assets located in the U.S. and abroad.